A quick update on the recent extension to the Help to Buy scheme.
The current Help to Buy (HTB) scheme had originally been scheduled to come to a close on March 31st 2021. However, it has recently been extended till 31st May 2021, giving prospective buyers an extra 2 months to legally exchange.
Under the HTB scheme first-time buyers can buy a new home with a deposit of 5% enabling many more people to get their first step onto the ladder. It is only newly built homes which qualify for the scheme.
Due to the nationwide delays from Covid-related issues the construction of many new homes as been delayed by as much as 8 months, causing the delay in completions and Rightmove suggests that around 100,000 of agreed purchases were likely to miss the March 31st deadline.
This is now the third extension to the scheme by Homes England which presides over HTB, but they confirm this will be the final one.
Once this scheme has come to an end there is a new scheme being introduced but is said to be far less generous than its current counterpart, and we will update you in due course.
Here at Sarah Clark Property Consultants we are always here to answer any questions you may have or provide advice if you are looking to get onto the property ladder.
Give us a call on 0117 4522400