Help to Buy Extended on Covid Delays

The Help to Buy Scheme in England for first time buyers has been extended to the end of May 2021.

More than 16,000 property sales were reported to be at risk due to Covid-related delays and buyers could face large bills if purchases were to fall though at last minute.

Qualifying homes for the scheme have had construction plans put back as much as 8 months during the pandemic.

Whilst the deadline has been extended for another 2 months, buyers are still worried that the date will come to soon.

The Help to Buy Scheme has allowed 278,000 households receive an advance from the Government to help pay their deposit to buy a newly-built home over the last 7 years.

The scheme due to end in England, but at the end of January date from Homes England obtained through a BBC Freedom of Information request shows 16,691 sales still need to complete under the current scheme.

Due to construction workers needing to self-isolate, overseas labour may have been quarantined, supply lines slowed and some traders being furloughed means buyers facing losing thousands of pounds if properties are not built-in time.

The extension to the deadline means homebuilders have an extra 2 months to complete developments and purchases can be completed by the end of May.

Comment

It would make sense to say all properties reserved before a particular date will qualify so that all new buyers are protected.