Help to Buy will extend until March 2021 to ease the pressure on home builders
This is another of the measures that the government will take to boost the revival of the UK economy in the coming months.
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 positive.
“Extending the duration of the Help to Buy scheme will help local businesses.”
A Barratt Developments spokeswoman said: “Expanding the Help to Buy scheme is a sensible policy that will help thousands of families who would otherwise have missed out on buying a new home due to delays caused by the coronavirus.
“Also, that will help support local jobs and economic growth, maintaining capacity in the industry and allowing it to build more homes than the country needs.”
Lynne Smith, director of sales and marketing for Fernham Homes, said: “It is fantastic news to hear that the Help to Buy scheme has been expanded, further amplified by the recent effects of the lockdown.”
“The government is making sound economic decisions, buyers will benefit from this, and later the entire economy will also benefit.”
“Since it was first introduced in 2013, the scheme has helped more than 200,000 buyers move up the property ladder, so this news will be a great relief to those who would otherwise have been lost.”
“It is only a temporary measure.”
Kush Rawal, director of residential investment at Metropolitan Thames Valley Housing, said: “The decision will be especially welcomed by buyers in the Southeast, who will be most affected once the new Help to Buy restrictions are applied.”
“While this is excellent news for clients and the construction industry, the extension of Help to Buy is only a temporary measure, and the government must ensure quality and affordable housing for first-time buyers or those seeking to go back to the property staircase to stay high on the agenda.”
“The Help to Buy scheme has helped thousands of first-time buyers achieve their dreams, and we look forward to a government commitment to support other affordable homeownership options, such as shared ownership.”
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