You may have spotted in the news earlier this month that the government has announced an extension for developers building homes for purchase through the Help To Buy scheme. But what does the extension mean in practice and how will this affect buyers? Read on to find out more.
What was announced?
The government’s recent Help To Buy announcement saw a change to the deadline of when properties bought through the scheme need to be built. The previous deadline meant construction of homes had to be completed by 31 December 2020. This has now moved to 28 February 2021. However, the legal completion date for all Help To Buy homes remains the same as 31 March 2021 and the scheme in its current form will still end as planned in April 2021.
So, Help To Buy has not been extended?
The simple answer for buyers is no. The current Help To Buy scheme is still coming to an end in April 2021. This date remains unchanged and when the existing scheme ends, the revised version of Help To Buy will immediately come into effect. The new scheme will then run until 31 March 2023 and is for first time buyers only – there will also be a new cap on the maximum property value.
What does this news mean for me?
The announcement was welcome news to the property industry as many house builders paused building work during lockdown. The build extension means that all the Help To Buy homes previously planned for construction by 31 December 2020 can still be built by 28 February 2021. This is also good news for existing buyers and for those yet to reserve. In some cases, the extension may even make it possible to buy a different, more preferred house type due to changing construction timetables. Not to mention those homes which won’t be eligible under the new Help To Buy price cap restrictions next year.
Can I still reserve using Help To Buy?
Yes! You can still reserve a new home using Help To Buy – but be quick! There is now a very limited supply of homes available for the scheme and they’re being snapped up everyday. Speak to your nearest sales consultant about availability and find out what options are available near you. Find your nearest Countryside development here.