The scheme will launch in spring 2013 and will support the purchase of 3,000 new-build homes valued up to £250,000 by first-time buyers struggling to get onto the property ladder and other buyers finding it difficult to move properties.

A government guarantee of £27m will be behind the as yet unnamed project, which is scheduled to last three-and-a-half years.

The Welsh scheme follows the launch of the NewBuy guarantee scheme in England and Mi New Home programme in Scotland.

As with those schemes, the government will act as a guarantor so buyers can access high loan-to-value products from lenders to be used to purchase a new build home. Buyers will need to raise a deposit of 5%.

Welsh housing regeneration and heritage minister Huw Lewis said the scheme would help Welsh buyers find a suitable property without a large deposit.

“This innovative scheme is excellent news for potential house buyers, the housing industry and the wider economy.

“Not only will it help people whose plans for buying their first home or for moving to a bigger home have stalled due to lending restrictions from banks, but it will also provide house builders with potential new customers, and therefore will boost house building which will in turn create jobs and stimulate growth.”