The scheme wants to tackle the 20,000 lying empty across Wales and hopes to meet the growing demands for properties, to help secure places for people to live. Within the North Wales area, there is £2.35 to share between homeowners and developers in the area, which is good news for many of the run down and empty properties, opening opportunities for people looking to get onto the property ladder for the first time. For a property to be eligible for investments and improvements, it must have been empty for at least six months. Each property has been outlines to have a limit of a £25,000 loan, whereas each applicant can take up to £150,000 in order to develop empty properties.
Councillor David Smith, Denbighshire’s cabinet lead member, who has responsibility for the housing in the area welcomed the loans into the country, making it good news to the area for residential property developments, that will aid people who are first time buyers and others who are looking to relocate. The aim is to turn empty derelict properties into warming homes for those across the country, at affordable rates. These loans are to be applied for by homeowners and landlords through their relevant local authorities. The Welsh government hope that this investment will help develop the area in a positive way.
To find out more information about the scheme contact your local council or local Estate Agents in North Wales and other regions of Wales