NewBuy Cymru scrapped by Welsh government

NewBuy Cymru scrapped by Welsh government
A flagship scheme to help homebuyers in Wales has been scrapped only weeks before it was due to start.
Welsh government ministers say the housing industry has withdrawn support after similar, but separate, plans were announced by the UK government.
The scheme would have enabled buyers to have high loan-to-value mortgages and supported the building of 3,000 homes. NewBuy had been promoted as a “major boost to the construction industry” in Wales promising “a positive impact on the housing market”.
NewBuy Cymru was due to be launched on June 3 and would have been open to everyone buying new build houses or flats worth up to £250,000 with a 5% deposit.
However, ministers accused UK Government of ‘pulling carpet away’ from project.
Housing Minister Carl Sargeant said a UK government scheme involved less financial risk for housebuilders.