This is an article for the Glamorgan Gazette and the South Wales Evening Post
The Welsh Liberal Democrats have launched ambitious plans to help first-time buyers get on the property ladder.
Under the party’s plans, young people in Wales will be able to buy their own home without a deposit.
This revolutionary scheme is a fundamental shift in housing policy and will give young people caught in ‘generation rent’ a chance at home ownership.
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, just like a normal mortgage.
This methods negates the need for a huge deposit and will help working young people who can afford monthly payments – but are unable to save enough money for a down payment.
And as with a traditional mortgage, this is back-loaded so occupants earn a higher share the longer they have been in the home.
The party is aiming to deliver at least 2,500 rent to own homes over an Assembly term through the existing Social Housing Grant mechanism.
These proposals to help people achieve their goal of owning their own home are all about equal opportunity. Under our scheme, it doesn’t matter what your background or family circumstance is, if you can afford your rent then we will help you own your home – something nearly everyone dreams of.
The fact is that home ownership has plummeted for the under 35’s. Prices have simply got too far out of reach for too many young families. The Welsh Liberal Democrats are putting forward solutions to help with this problem.
Our aim to deliver 2,500 rent to own homes will be part of a wider package, including increasing affordable housing that the Welsh Liberal Democrats will be putting forward in the Assembly elections.