Home buying scheme is helping local people get on the property ladder

A COUNCIL which is facing a “housing crisis” is helping residents to buy houses in their own communities on the open market.

- By DALE SPRIDGEON Local Democracy Reporter

Cyngor Gwynedd’s ‘Homebuy’ scheme helps local people who would otherwise be unable to afford a home in their own communities.

The equity-sharing initiative provides support to eligible applicants.

The Gwynedd Homebuy Scheme was launched in 2022, created by Cyngor Gwynedd it works in partnership with Tai Teg and the Welsh Government.

So far, it has helped 62 households purchase a home and through a collaboration with the Dwyfor Second Homes and Affordability Pilot (HAP), the maximum property value eligible for purchase has recently increased.

The Dwyfor pilot is a Welsh Government initiative testing new policies addressing the impact of second homes, and aims to improve housing affordability in the Dwyfor area of Gwynedd.

In exceptional cases, properties worth up to £350,000 can now be considered - an increase of £50,000 from the previous threshold of £300,000.

The main features of the scheme are that eligible buyers can use it to buy a home on the open market.