Help to Buy extended by two months to ease pressure on housebuilders

The government has extended the Help to Buy equity loan deadline for new homes to be finished from the end of December to February 28th.

The deadline for the legal completion of the sale will remain 31st March 2021.

Reaction to the change from builders seems largely positive.

A Barratt Developments spokeswoman said: “Extending the Help to Buy scheme is a sensible policy which will help thousands of families who would have otherwise missed out on buying a new home because of delays caused by coronavirus.

“In turn that will help to support local jobs and economic growth, keeping capacity in the industry and enabling it to build more of the homes the country needs.”

Lynne Smith, director of sales and marketing at Fernham Homes, said: “It’s such fantastic news to hear that the Help to Buy scheme has been extended – amplified even more by the recent effects of the lockdown.

“Since it was first introduced in 2013, the scheme has helped over 200,000 buyers to get onto the property ladder, so this news will be a huge relief to those who would otherwise have missed out.”

And Kush Rawal, director of residential investment at Metropolitan Thames Valley Housing, said: “The decision will be particularly welcomed by buyers in the South East, who will be hit hardest once the new Help to Buy restrictions are enforced.

“Although this is excellent news for customers and the construction industry, the Help to Buy extension is only a temporary measure, and the government needs to ensure that quality and affordable housing for first time buyers or those looking to get back onto the property ladder remains high on the agenda.

“Help to Buy has helped thousands of first time buyers achieve their dreams, and we look forward to a commitment from the government to support other accessible home ownership options, such as shared ownership.”