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30 July 2015

Welsh Liberal Democrats announce 'rent to buy' proposal

The Welsh Lib Dems will launch plans to help first-time buyers get on the property ladder today. Under the party’s plans, young people in Wales will be able to buy their own home without a deposit. First-time buyers will steadily build up a share in their home through monthly payments equivalent to rent until they own the property outright after 30 years. The party will aim to deliver at least 2,500 rent to own homes over an Assembly term through the existing Social Housing Grant mechanism. Peter Black AM and Kirsty Williams AM will be launching the policy at a housing development site in Swansea.

Sioned Hughes, Director of Policy and External Affairs at CHC, commented: ‘We welcome any opportunity to discuss how we can increase the supply of homes and help first time buyers to own their own home. As a sector last year, we provided 633 intermediate rented and shared equity homes. It’s a key aspect of creating sustainable communities. Social Housing Grant is a finite resource which is essential to allow us to build more homes for social and affordable rent. We as a sector have a track record of adopting innovative models of finance and different options, and we are more than happy to explore further to ensure that the needs of the people and communities of Wales are met in the best possible way.’