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Help to Buy homeowners are now being hit harder than most

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THE GOVERNMENT’S Help to Buy scheme “went on too long” and we will “all be left paying the price”, a leading property association warns today. 

Rising numbers of first-time buyers who purchased using the Help to Buy equity loan scheme are increasingly finding themselves struggling to make repayments. 

Under the scheme, which closed in March, buyers could purchase a new-build home with a 5% deposit and a 20% government-backed equity loan, or 40pc for those in London. 

This loan was interest-free for the first five years. 

After that, interest is charged at 1.75pc – a rate that then increases by a measure linked to inflation.

But the surge in costs is starting to push first-time homeowners to breaking point. 

Many are trying to downsize, a position most would never have predicted when taking their first step on the property ladder.

Commenting on the growing crisis which many homeowners are facing as a result, Jonathan Rolande of the National Association of Property Buyers, said: “Homeowners who took advantage of Help to Buy loans are now being hit harder than most. Help to Buy stimulated growth and job creation not long after the financial crash of 2008 when the market was still very fragile. 

“However, it resulted in a great transfer of wealth from the government and borrowers to property developers. Asking prices, builders’ profits and share prices rose quickly, creating some of the ingredients of today’s inflation, interest rate and house-price difficulty.

“The scheme was generous and it went on too long, artificially propping up the new-build sector. In the end it looks like we’ll all be paying the price.”

Outlining the wider problems across the sector, Mr Rolande continued: “Just about everyone who has anything to do with property has been affected by the rise in interest rates and the fall in prices over the last 12 months, but new home owners more than most.

“This is because much like a new car, new homes invariably lose value once occupied. The fittings such as carpets and kitchen appliances aren’t new and often, as the developer looks to exit, discounts are applied to the last remaining properties that bring down the values on the whole development.” But Mr Rolande said he doesn’t feel the Government should intervene.

He said: “No, interventions shouldn’t happen. This is no scandal as we have seen with, for example, cladding or mis-sold mortgages. Buyers were aware of the costs and the risks and in many cases, the properties are still worth more than was paid – the market has risen for four out of the last five years.

“If owners made money on the purchase, it would be a tax-free gain – in my opinion, the taxpayer shouldn’t have to step in to assist with the losses when it would see nothing of the gains. 

“Mortgage holders will, like non Help2Buy owners, benefit from lender forbearance, instigated by the government. This should be the limit of state interference.”

 

Business

Wolfscastle spa earns prestigious AA recognition

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WOLFSCASTLE COUNTRY HOTEL and Spa in Pembrokeshire is celebrating national recognition after its luxury spa was included in the prestigious AA Recommended Spa Awards.

The accolade highlights the hotel’s commitment to delivering high-quality wellbeing experiences, exceptional service, and first-class facilities.

The AA Recommended Spa status is awarded to venues that provide an outstanding guest experience, combining professional expertise, premium treatments, and a relaxing environment. The recognition places Wolfscastle among a select group of leading spa destinations across the UK.

Grace, Levi and Bethan, full-time spa therapists at the award-winning Wolfscastle Spa.
Hot stone massage in the Wolfscastle Country Hotel & Spa treatment room.

The spa, which has been open for nine years, has established itself as one of Pembrokeshire’s top wellness destinations, welcoming both hotel guests and day visitors seeking relaxation in a tranquil countryside setting.

Facilities include hydrotherapy experiences, thermal suites, and dedicated relaxation areas, alongside a wide range of luxury treatments designed to help guests unwind and recharge.

Bethan, Spa Manager at Wolfscastle Country Hotel & Spa, said: “We’re absolutely delighted to be recognised by the AA as a Recommended Spa. The team here work really hard to make sure every guest feels relaxed, welcomed and properly looked after from the moment they arrive.

“To receive this recognition is very special for us and reflects the care and effort our therapists put into every treatment.”

The award further strengthens the hotel’s reputation as one of West Wales’ leading hospitality destinations, offering award-winning dining, boutique accommodation, and premium wellness experiences.

Guests can enjoy spa days, overnight breaks, and tailored treatments throughout the year.

For more information or to book, visit www.wolfscastle.com.

The hotel is also marking a significant milestone this year, with owner Andrew Stirling celebrating 50 years at the helm.

 

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Business

Pembroke South Quay boat shed expansion plans submitted

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A PADDLEBOARDING and canoeing company’s call for an extension to a boat shed at Pembroke’s South Quay, below its historic castle, has been submitted to county planners.

In an application to Pembrokeshire County Council, G Booth of Paddle West CIC, through agent James Dwyer Associates, seeks permission for an extension to the stone-built boathouse, adjacent to the cliff on South Quay fronting the Mill Pond, Pembroke.

A supporting statement says: “It is intended to erect a single storey ‘lean-to’ building, or ‘shed’ for the storage of boats, such as canoes and kayaks, and related equipment, on a vacant space adjacent to the existing stone-built boathouse.”

It adds: “The boathouse and the intended adjacent boat storage shed is located, as is to be expected, in close proximity to water, the Mill Pond. The Mill Pond is the main area of activity for Paddle West, a Community Interest Company, providing boating activities, kayaking, canoeing and paddle boarding, frequently for young people and families.”

It goes on to say: “It is intended that the structure would be lightweight, erected on the exiting hard standing. The ‘shed’ would be used for the storage of boats and related equipment.”

With regard to the historic setting, it adds: “Although the stone-built boathouse appears not to be listed, it is recognised that the walls above are listed and together they are a piece.

“Accordingly, through form and external materials proposed, timber cladding and profile sheet roofing, the aim is to ensure that the structure would be subservient and muted and not detract or compete with the visual aesthetic of the boathouse or historic walls. In effect the addition would blend into the background.”

The application will be considered by county planners at a later date.

The boathouse is sited near to the new Henry Tudor Centre in South Quay, which is due to open in Spring 2027.

The centre, expected to receive around 30,000 visitors a year, will tell the story of Henry Tudor, son of Pembroke, his Welsh ancestry and his impact on our national story, Welsh culture and our wider British heritage.

The restored derelict South Quay buildings will also house a new library and community café, and a healthcare, social services and supported employment facility in the adjoining premises.

 

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Business

Pembrokeshire hospitality rates relief scheme backed

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A WELSH Government-funded scheme to provide rates relief for hospitality businesses has been backed by senior Pembrokeshire councillors.

A report for members of Pembrokeshire County Council’s Cabinet at their March meeting said: “Welsh Government has introduced the Food and Drink Hospitality Rates Relief, this relief is aimed at eligible businesses in Wales in the food and drink hospitality sector for example, pubs, restaurants, cafes, bars and live music venues.

“The aim of the relief is to support eligible businesses to manage continued cost pressures. The relief will apply to all eligible occupied properties by offering a discount of 15 per cent on non-domestic rate bills for the period April 1 to March 31, 2027. The relief is capped at £110,000 per business across Wales.

“As this is a temporary measure, Welsh Government is providing the relief by reimbursing local authorities that use their discretionary relief powers under Section 47 of the Local Government Finance Act 1988.”

It concluded: “The food and drink hospitality rates relief 2026-27 requires the local authority to adopt a discretionary scheme [as outlined] and in accordance with the criteria and conditions specified in the guidance issued by Welsh Government.

“It is proposed that Cabinet resolve to adopt [the scheme] which can be applied to administer the relief. Welsh Government will reimburse local authorities for the relief provided in line with their guidance via a grant under section 31 of the Local Government Act 2003.”

Members backed the recommendation.

All eligible businesses must apply for this relief by the March 31, 2027, and an application form will be available on the council’s website from the April 1.

The maximum cash value of the rates relief allowed, across all properties in Wales occupied by the same business should not exceed £110,000. Businesses claiming the relief must declare that the amount being claimed does not exceed those limits.

 

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