Help to Buy scheme extended for current transactions

The government has extended the deadline to buy a new home under the original Help to Buy scheme, which was due to end at the end of March 2021, for a third time. Buyers now have until 31^st May to complete their purchase.

With many developers of newly built homes experiencing Covid-related delays, many transactions have been in danger of falling through, leaving buyers facing considerable financial penalties if they couldn’t complete by the 31^st March deadline.

Data from Homes England shows there were almost 17,000 sales due to be completed under the Help to Buy schemes, which has undoubtedly prompted action by the government, according to Homes England.

Protecting customers from Covid delays

‘This measure provides certainty to developers to build out homes delayed and further protects customers whose purchases have been delayed by Covid-19,’ a spokesman said, adding the extension was an assurance that ‘those buying a home through the scheme are not disadvantaged by circumstances beyond their control.’

Highwood’s construction of new homes at the Park has not been subject to the level of delays experienced by many other developers and work is firmly on schedule and house moves currently unaffected by the fall-out from the pandemic.

Here to help

Applications for the new Help to Buy scheme that will run from 1^st April until March 2023 are already open and will ensure first-time buyers who want to purchase a newly built home with extra financial support can do so now.

If you have any questions about a move that you’re planning to make please contact our Sales team on 023 8001 1620. To find out more about Help to Buy, please visit our dedicated Help and Advice page.