Government should reflect on the huge impact the scheme is having on individuals keen to realise their dreams of home ownership, on housing supply and on the wider economy.”Housebuilders continue to invest in the land, materials and people needed to deliver furthers increases in supply confident in the demand Help to Buy is underpinning. What is Help to Buy? Please review our Barclays and Goldman Sachs vie for General Motors' credit card arm Greg Fitzgerald, chief executive of developer Vistry, said: “Extending Help to Buy in its current form will offer further reassurance for buyers and boost the sector during these challenging times.”Mr O’Leary said: “Reducing the availability of Help to Buy will have a knock-on effect, undermining attempts to increase the delivery of new homes at a time when the economic benefits that the industry brings are desperately needed”. Unlike previous attempts at such schemes, Help to Buy has been accessible to builders large and small, with over 3,000 companies, the vast majority of them small local builders, now registered. Home Builders Federation
As we look to tackle our acute housing crisis and deliver on the Prime Minister’s target to build 300,000 homes per year the scheme has a key part to play. About 40pc of these (more than 7,000 in total) are unlikely to be eligible for the new, more restricted version of the scheme due to come into force in April. Companies want the current, more relaxed scheme to be extended so that buyers don't lose out due to coronavirus delays
The Home Builders Federation has heralded the Government’s Help to Buy scheme saying that 4,000 people had reserved a new home in the two months since it was launched.
Find out more The closure of building sites during lockdown means that many homes will not be finished by a December deadline for sales to be agreed, potentially leaving thousands of families who had banked on support unable to benefit after all.The Home Builders Federation estimates that as many as 18,000 homes could be finished too late. Any sales agreed in the new year must qualify under the new tighter criteria.Introduced by then-Chancellor George Osborne in 2013, Housebuilders want the current, more relaxed scheme to be extended so that buyers don’t lose out due to coronavirus delays.David O’Leary, policy director at the Home-Builders Federation, said: “It is an obvious response to extend the deadline to allow for these delays, but as a result of inflexibility of the rules, thousands of home buyers look likely to miss out on the opportunity to use Help to Buy and so be able to purchase a new home.
You need to be a subscriber to join the conversation. Open the door to owning your home. “With mortgages for first-time buyers now few and far between, Help to Buy is more important than ever.”Ministers are believed to have considered an extension following fierce industry lobbying, but nothing was mentioned in Chancellor Rishi Sunak’s statement earlier this month, raising doubts over whether it will happen. The Help to Buy scheme can help both first time buyers and home movers purchase your ideal home.
Putting down as little as a 5% deposit on a newly built home, you can get a government Help to Buy: Equity Loan.Loans are up to 40% of the purchase price for homes eligible for Help to Buy London and 20% throughout the country. It has enabled hundreds of thousands of people to realise their dream of owning a home, the vast majority of whom are first time buyers on average incomes. A spokesman for the Ministry of Housing, Communities and Local Government said that up to March 2020 the scheme had helped more than 272,000 house-holds buy a new home, with 82pc of sales to first-time buyers.