The Welsh Liberal Democrat manifesto recognised the importance of getting first time buyers onto the property ladder, and that deposits placed a huge and often insurmountable barrier.
A ‘Rent to Own’ model was proposed, allowing first-time buyers to build up a share in their home through monthly payments equivalent to rent until they own the property outright.
The Progressive Agreement stated that “A new ‘Rent to Own’ housing model is introduced.”
Thanks to the Welsh Liberal Democrats, people in Wales will soon be able to buy their own home without a deposit.
In November 2016 the Welsh Government announced development work on a Rent to Own Scheme, along with shared ownership schemes. Both will be launched in early 2018.
They will support those who can afford a mortgage or market rent but cannot afford to pay a deposit and get on the property ladder.
The schemes will operate alongside the current Help to Buy and Homebuy schemes, reflecting the varied needs in the diverse markets in Wales.
Cllr Peter Black, Welsh Liberal Democrat Spokesperson for Housing, said:
“This is an innovative, ambitious scheme that will open up the property market.
“House prices are out of control and out of reach for too many people. The Welsh Liberal Democrats put forward a solution to help with this problem and I look forward to seeing it introduced by the Welsh Government.”