What does the Help-to-Buy Extension mean for homebuyers?

Homes England have announced that they will be extending the Help-To-Buy Extension by one month, but what does this mean for future homebuyers?

The announcement confirmed a one-month extension for completions under the government’s Help-To-Buy scheme after some builders said that homes would not be ready by the end of 2022.  

The aim is to give homebuyers enough time for their new homes to be built, and a new-home warranty received before the March 31st, 2023, before the scheduled end of the scheme.

Home builders now have until January 31st of next year to finish building homes under the scheme and to arrange new-home warranties.  

However, concerns have been raised about whether this extension will have a big enough impact to support both housing developers and buyers. Brokers have also voiced their concerns that there will be nothing left to fill the gap created by the end of the Help-To-Buy scheme.

We spoke to Conor Murphy, CEO of Smartr365 to find out more on the subject:  

“While a nice sentiment, a one month extension will not go far in helping developers or buyers. Nonetheless, this is good news for those with an Authority to Proceed (ATP) letter and should encourage a slightly smoother end to this popular scheme, which has already helped over 300,000 first-time buyers.”

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