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
St Davids micro-bakery scheme and alterations backed
A PLANNING application has been approved to convert an outbuilding into a micro-bakery and carry out upgrades to a Grade II-listed property in St Davids.
The proposal, submitted to the Pembrokeshire Coast National Park Authority by Richard Francis and Sue Benge through agent Pembroke Design Ltd, relates to Manor House at 19 High Street, located within the St Davids conservation area.
The application sought permission for the refurbishment and change of use of an existing outbuilding to form a small-scale bakery, as well as a series of alterations and extensions to the main listed building.
The applicants aim to develop a plant-based bed and breakfast and micro-bakery business that serves the St Davids community, with a commitment to sustainability at the core of the project.
A supporting statement said: “It is the client’s goal to improve and upgrade the listed building, to reduce the carbon impact of the building by the removal of fossil fuel energy, improving energy efficiency and insulation, installing solar and heat pumps, thereby creating a sustainable, plant based bed and breakfast and micro bakery business serving the community of St Davids.”
The proposed bakery will be operated on a limited basis by the occupants of the property, typically opening two days a week.
Sales will be available through online order and collection only.
Other works include a modest single-storey rear extension, new heritage-appropriate timber double-glazed windows and doors, internal alterations, and the installation of rooflights.
Plans also include reinstating a historic window opening, fitting an air source heat pump, and other energy efficiency upgrades.
Additional proposals include solar panels on the outbuilding, a greenhouse in the rear garden, and other external works.
St Davids City Council supported the application, noting that it is unlikely to have a detrimental visual or environmental impact on the surrounding area.
Planning officers recommended approval, noting that the scheme has been carefully designed to respect the character and heritage value of the listed property.
An officer report stated: “The proposed development has been carefully designed to respect the character, appearance and significance of the listed building and its setting.
“The proposed rear extension is modest and subservient in scale, whilst the alterations to the existing building have been designed to improve its functionality, energy efficiency and long-term viability without causing unacceptable harm to its special architectural or historic interest.”
The micro-bakery was described as a “beneficial re-use” of the outbuilding.
Business
Popular Newgale surf shop and home works approved
A SCHEME to improve a Pembrokeshire seaside village home and surf shop, while also removing an unlawful part that was subject to an enforcement notice, has been given the go-ahead.
In an application to Pembrokeshire Coast National Park, Bruce Sanderson of New Surf, through agent A D Architectural Design Consultants LTD sought permission for internal and external alterations to dwelling and surf shop, at New Surf, Newgale, including the removal of an un-lawful use of part of the ground floor as a shop.
The proposals were supported by Nolton and Roch Community Council.
An officer report recommending approval said: “The proposal returns the dwelling building to full residential use only. The application site is in a particularly sensitive location and appropriate mitigation has been sought and conditions imposed to preserve protected sites and species.”
It added: “The property known as Newsurf is a two-bedroom dormer bungalow with adjoining surf shop opposite the shingle bank of Newgale beach. The surf shop is positioned southeast of the bungalow and comprises a pair of pitched roof store buildings with linking flat roof section to the dwelling. Prior to being a surf shop, the application site was a filling station.
“The southern ground floor area of the dormer bungalow has been in retail use without planning authorisation and the remaining ground floor as residential use. Plans show two bedrooms and a storage area on the first floor of the dwelling.”
It detailed the proposals addressed the unauthorised aspects of development relating to a 2022 national park enforcement notice.
It concluded: “The proposed scheme is considered acceptable in how it responds to landscape setting, visual, aesthetic, historical, cultural and ecological aspects and also the physical characteristics of the site.
“The proposal preserves and enhances the character of the dwelling and by doing so will not create an unacceptably detrimental impact on the special qualities of the National Park. It is not considered that the development will cause an unacceptable impact upon privacy or amenity of neighbouring properties.”
The application was conditionally approved.
The Newsurf site also features in plans by a Vodafone phone company subsidiary to bring fibreoptic cables across the sea from Ireland to Pembrokeshire; the onshore part of a project to bring a fibreoptic cable onshore from Kilmore Quay, Wexford, Ireland to a site at Newsurf shop car park, Sands Café Car Park and the Duke of Edinburgh Inn, Newgale.
No decision has yet been made on that application.
Business
Haverfordwest Creamery wins top honours at world’s largest cheese show
First Milk site secures four major trophies as co-operative celebrates 26 awards at International Cheese & Dairy Awards
FIRST MILK’S Haverfordwest Creamery has celebrated major success at this year’s International Cheese & Dairy Awards, after helping the farmer-owned co-operative secure 26 awards at the world’s largest cheese show.
First Milk won eight gold medals, 11 silver medals, one bronze medal and six major trophies at the prestigious awards, with cheese produced at Haverfordwest Creamery securing four of the competition’s top honours.
The Pembrokeshire creamery won the CHR Hansen Trophy for Champion Double Gloucester, the Tetra Pak Tebel Award for Best Extra Mature Creamery Block Cheddar, the ICDA Award for Best Medium Creamery Block Cheddar and the First Milk Past Masters Trophy.
The results underline the quality and consistency of the cheese produced at the Haverfordwest site, which continues to play a key role in First Milk’s award-winning cheesemaking operation.
Held annually, the International Cheese & Dairy Awards attracted its highest number of entries in several years, with many of the creamery cheddar classes receiving between 30 and 40 entries.
First Milk was recognised across a wide range of cheddar and regional cheese categories, including Double Gloucester, Red Leicester, Welsh cheese, vegetarian cheese and English creamery cheddar.
Jack Eade, Customer Quality Manager at First Milk, said the awards reflected the hard work of teams across the business.
He said: “These awards are incredibly hard won and reflect the dedication, expertise and passion of everyone involved in producing our cheese.
“To receive recognition across so many categories at one of the world’s most respected cheese competitions is something everyone at First Milk can be enormously proud of.
“While our grading team selects and prepares the entries, none of these achievements would be possible without the commitment of our farmer members producing exceptional quality milk, and the highly skilled teams at our creameries transforming it into consistently award-winning cheese.”
The latest success continues First Milk’s long-standing record at the International Cheese & Dairy Awards and reinforces Haverfordwest Creamery’s reputation as one of the leading producers of award-winning British cheese.
Photo caption:
Rod Addy, Director General of the Provision Trade Federation, with First Milk’s Matthew Hooper and Dawn Mason at the International Cheese & Dairy Awards
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