A Welsh Government mortgage guarantee scheme to help home buyers has been axed.
NewBuy Cymru was due to launch on June 3 this year and would have enabled home buyers access high loan-to-value mortgages. It would have also led to the building of 3,000 new homes.
In a written statement to AMs, the Minister for Housing and Regeneration Carl Sargeant said the scheme would not go ahead because of the launch of a similar UK Government scheme.
He said: “Due to the recent announcements made by the UK Government on new housing initiatives as part of the Budget on March 20, and the detail which is yet to emerge, the Welsh mortgage guarantee scheme, NewBuy Cymru, will not now be taken forward as originally envisaged.
“We are currently working through the detail of the new Help to Buy schemes offered by the UK Government and working closely with our stakeholders to consider opportunities for Wales.
“The UK Government’s new Help to Buy: Mortgage Guarantee Scheme will be available in Wales for all buyers on new build and existing properties up to the value of £600,000 from January 2014.
“My officials are also exploring the Help to Buy: Loan Equity scheme, which is an England only initiative, and options for introducing a similar scheme for the Welsh housing market.”