Expanded scheme promises greater access to affordable homes

Amelia Jones

More households are expected to qualify for financial support to buy a home after eligibility rules for a shared-equity scheme were expanded.

Gwynedd council has widened the eligibility criteria for its shared equity Homebuy programme, meaning more households may now receive financial assistance to purchase a property in the area where they live.

The theme, run jointly with Tai Tea and the Welsh Government, offers an equity loan worth between 10% and 50% of a home’s market value.

Buyers fund the remaining cost through a mortgage and savings,

The council says the updated criteria will open the scheme to a broader range of incomes and in some communities allow access to high-value homes where prices have risen beyond the reach of many local residents.

An online calculator has also been launched to help people check whether they qualify under the revised rules.

To be eligible, applicants must be over 18, have a local connection to the area where they hope to buy, and either be first-time buyers or living in accommodation that no longer meets their needs.

The council says the changes were introduced in response to continuing affordability pressures across the county.

Cllr Paul Rowlinson, the council’s cabinet member for housing and property, said many household’s still struggle to buy locally.

He said the updated scheme is intended to reflect shifting local circumstances since the original launch in 2022. “We want our housing schemes to meet the real needs of Gwynedd residents,” he said, encouraging people to use the calculator if they had previously been ineligible.

Cabinet secretary for Housing and Local Government, Jane Bryant said the Welsh Government’s support forms part of the Dwyfor pilot, which is testing measures to ease housing pressures in areas affected by high numbers of second homes and short-term lets.

The Homebuy scheme is one element of the council’s wider housing strategy, which also includes building new homes, bringing empty properties back into use, and expanding supported housing options for people at risk of homelessness.

Residents can check their eligibility through the Homebuy calculator and find further information on the Tai Teg website.