The government needs to provide ‘concrete outcomes’ before the summer break to ensure that the Help to Buy schemes are a success, according to CML director general Paul Smee.
Speaking at the first CML Cymru lunch since 2005, Smee (pictured) said that the CML is ready to help the mortgage market in Wales implement the new schemes but their introduction will have an impact on NewBuy Cymru.
He said: “I am only sorry that the changes in English Government policy announced in the budget have rather put an obstacle in the launch of Welsh NewBuy. We do not expect significant volume to enter the NewBuy scheme once the Help to Buy suite is up and running, although I do not advocate its premature closure as I think that there may be instances where its especial features appeal to builders and lenders alike.”
He said that scheme success would depend on having clear and achievable outcomes set out by the Government.
“I think that the NewBuy experience has confirmed my wish for clear success criteria and robust exit strategies.
“As for the Welsh [NewBuy] scheme, I understand that all involved are still considering whether it can be launched in some form or other, especially whilst the Welsh Government considers if it should develop a scheme along the lines of the Help to Buy initiative. If so, I wish it well and confirm that we will help as appropriate and as requested.”