Help to Buy scheme extention plan

The government is planning to extend the Help to Buy scheme due to purchase delays caused by the pandemic. Delays in UK housebuilding caused by the pandemic have forced the government to consider to extend its help-to-buy scheme.

The chancellor is considering whether to back a proposal supported by the housing minister, Robert Jenrick and housebuilders.

While the Treasury says no final decision has yet been taken. The chancellor is under pressure from large construction companies to help the sector emerge from recession. They do not want 18,000 buyers to lose their chance to buy subsidised homes due to the delays linked to Covid-19.

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The scheme was due to end in April 2021, with a new version just for first-time buyers set to replace it until March 2023.

Craig Hall, head of broker relationships & propositions, Legal & General Mortgage Club, said: “Today’s news that the government is drawing up plans for an extension to Help to Buy will give developers much more certainty around which planned sites will still be eligible for the current scheme.

“This will be particularly important as many housebuilders will be revising their timetables for completion in light of the impact of the COVID-19 lockdown.

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