Business
Help to Buy homeowners are now being hit harder than most

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
Calls for urgent sale of Oakwood site amid trespasser fears

CONCERNS have been raised about trespassers entering the closed Oakwood theme park, prompting calls for a swift sale of the site.
The once-popular attraction near Narberth has become a hotspot for urban explorers and thrill-seekers, with social media videos emerging of people wandering around the abandoned rides and infrastructure.
Since Oakwood shut its gates last month, following a decision by Spanish owners Aspro Parks to cease operations due to falling visitor numbers, locals have raised concerns about safety and the risk of vandalism.
Sam Kurtz MS, who represents Carmarthen West and South Pembrokeshire, said a speedy sale was now vital to prevent further deterioration and potential criminal activity.
“The longer it remains empty, the greater the risk of problems – from trespassing to the site falling into disrepair,” said Mr Kurtz. “There’s also a real risk to health and safety if people are entering unsupervised.”
Mr Kurtz called on Aspro to actively work with the Welsh Government, local businesses, and other stakeholders to secure a new future for the site.
“This is a valuable asset,” he said. “There’s been a lot of interest from businesses already, and I urge Aspro to engage with us so we can get the ball rolling.”
Dyfed-Powys Police confirmed they have received multiple reports of trespassing and possible criminal offences at the site since its closure.
The BBC have reported that Economics expert Professor Calvin Jones, of Cardiff University, was less optimistic about Oakwood’s chances of reopening as a theme park.
“If the existing operator – who’s invested tens of millions – can’t make it viable, it’s unlikely a new operator would be able to,” he said.
Instead, Prof Jones suggested the land might lend itself better to other recreational activities, such as adventure tourism, mountain biking, or zipline attractions, depending on what planning authorities allow.
“Ultimately, the future use of the site will come down to planning permission,” he said. “It may become something entirely different.”
Bluestone National Park Resort, which neighbours Oakwood and employs around 700 people, declined to comment on whether it would consider buying the land. Prof Jones noted that Bluestone has historically expanded cautiously and would likely only consider purchasing the site if the price was low.
The Welsh Government said that it “continues to engage” with Aspro Parks and recognised the former theme park’s importance to the local economy.
A spokesperson said: “We are hopeful a buyer will come forward to ensure this site can continue contributing to tourism in the area.”
Pembrokeshire County Council has confirmed it has not yet held any discussions with Aspro.
Business
Pubs to stay open late for VE Day 80th anniversary

Extended hours to help nation mark milestone in Second World War history
PUBS across England and Wales will be allowed to serve until 1:00am to mark the 80th anniversary of Victory in Europe (VE) Day, the Prime Minister has announced.
The extension applies to the evening of Wednesday, May 8, allowing revellers to continue their celebrations into the early hours of Thursday, May 9.
A series of national events are planned to commemorate the end of the Second World War in Europe, including a military parade through central London, an RAF flypast, and the lighting of more than 2,500 beacons across the UK.
Late opening hours for pubs have previously been granted during major national occasions, including Queen Elizabeth II’s Platinum Jubilee and England’s matches during the Euro 2024 semi-finals and final.
Speaking ahead of the anniversary, Prime Minister Keir Starmer said: “As we mark the 80th anniversary of VE Day, the whole country should come together to remember the incredible sacrifices made by the wartime generation and to celebrate the peace and freedom they secured for us all.
“Keeping our pubs open for longer will give people the opportunity to join in celebrations and raise a glass to all of the men and women who served their country, both overseas and at home.”
The commemorations will begin on Monday, May 5, with Union Flags flying at the Cenotaph in London. A military procession will march from Whitehall to Buckingham Palace, followed by an aerial display by the Royal Air Force. On May 8, the BBC will broadcast a celebratory event live from Horse Guards Parade.
Michael Kill, chief executive of the Night Time Industries Association, welcomed the decision. He said: “At such a challenging time for the hospitality sector, allowing businesses to extend their trading hours during these celebrations offers a much-needed boost while paying tribute to our shared history.”
Business
Greenlink energy link goes live, connecting Pembrokeshire to Ireland

Interconnector brings power boost and green energy potential to Wales and Ireland
A MAJOR new electricity interconnector linking Pembrokeshire and Ireland has gone live, with power now flowing between the two countries for the first time via the Greenlink project.
The 504-megawatt (MW) Greenlink Interconnector connects National Grid’s 400kV substation at Pembroke with EirGrid’s Great Island substation in County Wexford. The link spans 200km, including 160km of high-voltage direct current (HVDC) cable laid beneath the Irish Sea.
The interconnector is expected to improve energy security, increase grid resilience, and support the growth of renewable energy by allowing surplus electricity to be shared between Wales and Ireland.
Greenlink is one of the first privately funded energy infrastructure projects of its kind in Europe. It is owned by Greenlink Interconnector Limited and operated by EirGrid.
At the Welsh end of the link, National Grid carried out a series of upgrades to its Pembroke substation, including the installation of a new gas-insulated switchgear bay inside the existing air-insulated facility. The hybrid solution was designed to be space- and cost-efficient, and it uses a greener insulating gas instead of sulphur hexafluoride (SF6), in line with National Grid’s target to halve SF6 emissions by 2030.
James O’Reilly, CEO of Greenlink Interconnector Limited, described the go-live as a “significant milestone.”
He said: “This is one of the first privately developed and funded energy projects between the UK and Ireland. By enabling the transfer of green energy across borders, Greenlink strengthens energy security, enhances sustainability, and fosters greater connectivity with the wider European market.”
John Twomey, Director of Customer Connections at National Grid, said connecting Greenlink to the network at Pembroke allows both countries to “benefit from that boost in capacity and resilience.”
He said: “As demands on our electricity grids evolve, interconnectors provide immense value by strengthening the security of electricity supplies and improving our collective ability to exploit renewable power produced across borders.”
The converter stations at each end of the interconnector transform electricity between direct current (DC) and alternating current (AC) for use on the respective national grids.
Michael Kelly, interim Chief Operations and Asset Management Officer at EirGrid, said the project was “a vital step forward in strengthening our shared commitment to energy resilience and security.”
He added: “EirGrid is leading the transition to a low carbon future by making Ireland’s grid renewable ready. This latest connection was made possible through collaboration with our UK colleagues and the Greenlink team.”
The interconnector is now fully operational, with electricity flowing across the Irish Sea in both directions.
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