Thank you. The Welsh Government believes in social housing; we believe in affordable housing. It's our ambition for everyone to live in a home that meets their needs and supports a healthy, prosperous and successful life. We know that we must work across Government to achieve this. 'Prosperity for All' not only affords housing the priority it deserves, but reaffirms our long-standing commitment to both social housing and affordable housing. We will deliver 20,000 affordable homes during this term of Government. Social rented housing will account for the biggest proportion of this. Last year alone, we supported the investment of £179 million through our social housing grant and housing finance grant programme. 

Under Thatcher's right to buy, we lost 139,000 homes from our social housing stock. We have legislated to put a stop to that, preserving our social housing stock for those who need it most, and giving local authorities the confidence to build. And I want to work with them to build at scale and pace. We know that no single type of tenure is right for everyone. We believe that home ownership is not just for people on higher incomes. People on lower incomes have aspirations to own their own home, and we will help them in ways that do not diminish our social housing.

Rising house prices and higher deposit requirements have made it more difficult for potential home owners to get their foot on the housing ladder. Indeed, the Resolution Foundation recently published their prediction that under half of millennials may own their own home by the time they reach 45. This is why I want to increase and improve the range of options available to people who wish to own their own home, providing new opportunities alongside our longer-standing products. Between January 2014 and the end of March 2018, our Help to Buy—Wales scheme had supported the construction and sale of nearly 6,900 homes, with more than 750 in the immediate pipeline awaiting completion. The scheme will make a significant contribution to the delivery of our 20,000 affordable homes target.

Help to Buy—Wales is delivering exactly what it set out to do. It provides a shared equity loan of up to 20 per cent of the property's value, allowing buyers of new-build properties to move into a home with a minimum deposit of only 5 per cent. This is especially important for first-time buyers and, as a result, they make up over 75 per cent of Help to Buy—Wales applications. In addition, it continues to provide a boost to the housing industry by supporting the construction of new homes across Wales. Investing in housing has clear benefits for the economy, supporting the construction industry and the associated supply chain.

We continue to make Homebuy—Wales available. This shared-equity scheme offers purchasers the opportunity to buy an existing home, and has particular appeal in the areas where there is limited new build, including rural areas where there is little volume building. I have asked my officials to revisit this established scheme and, in collaboration with local authorities and registered social landlords, consider whether any additional measures can be identified to improve and support its growth. I am keen to consider additional home ownership opportunities for people living in rural areas where house prices are particularly high. My officials are exploring options such as self-build, which may provide additional opportunities.

I am pleased to draw Members' attention to the fact that we have made significant strides to improve our low-cost home ownership offer in the last few weeks, introducing two new schemes and the Your Home in Wales website. I launched the Rent to Own—Wales and Shared Ownership—Wales schemes to help a broader range of people access home ownership. Rent to Own—Wales will help people who can afford monthly payments but are not able to save enough for a mortgage deposit. Shared Ownership—Wales will help those who have access to a small deposit and are able to get a mortgage on a proportion of the value of the property.

The Welsh Government is investing £70 million in these new home ownership initiatives as part of our commitment to build 20,000 affordable homes during this term of Government. Early interest in the schemes has been very positive, with six housing associations across Wales now registered to take part and offering a portfolio of homes. The focus will now be on improving the supply of homes across all local authority areas in Wales. The launch of these two new schemes represents an increase in the options available to support aspiring home owners, including first-time buyers and young people hoping to stay in, or return to, their communities. 

Clear information is essential for people considering buying their own home, and I recognise that, with a number of different options, there does need to be clarity about what is available. That's why I have launched the Your Home in Wales website that provides key information on all Welsh Government-funded home ownership schemes. This practical guide will help people determine which scheme is best suited to their personal circumstances. These schemes will all contribute to our ambitious target of delivering 20,000 affordable homes during the lifetime of this Assembly.

I want to lay the groundwork for the prospect of setting even more stretching targets in the future, in response to a range of housing needs. I also want Welsh Government to continue to create a climate that drives innovation and improvements in terms of design, quality and energy efficiency. To support this, Members will be aware that I've commissioned a review of affordable housing supply. To ensure that the review is fair, transparent and robust, I am establishing an independent panel to oversee this work under independent chair, Lynn Pamment. The review will need to balance the growing need for affordable homes against a backdrop of continuing pressures on the public expenditure available to support house building, and I look forward to providing detail as the review progresses.

Our low-cost home ownership schemes, combined with our work in other areas of housing and our forthcoming review, clearly demonstrate that the Welsh Government is committed to achieving its ambition for everyone to live in a home that meets their needs and supports a healthy, prosperous and successful life.