The Government has moved to calm fears in the construction industry that its Help to Buy equity loan scheme is to finish early. The Department for Communities and Local Government has confirmed the scheme will continue to run until at least 2021.
The statement from the DCLG this week followed media speculation that the Government could scrap the scheme early with the share price of some of the UK’s major house builders falling sharply after the media reports.
The Help to Buy equity loan scheme allows home buyers, particularly first-time buyers, in England to buy a newbuild home of up to £600,000 (up to £300,000 in Wales) with a deposit of 5 percent, with the Government providing up to 20 percent (or 40 percent if in London) of the rest of the purchase price.
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The statement from the DCLG said: “We remain committed to the Help to Buy equity loan scheme to 2021, ensuring it continues to support home buyers and stimulate housing supply.
“The government also recognise the need to create certainty for prospective home owners and developers beyond 2021, so will work with the sector to consider the future of the scheme.”
Since its introduction in 2013, around 120,000 home buyers have used the equity loan scheme to buy their first home. Around 38 percent of purchases across England and Wales are financed through the scheme.
First-time buyers can get a great value-for-money offer on conveyancing solicitor services through Homeward Legal. All the property lawyers on our nationwide panel are experienced in Help to Buy conveyancing and take a proactive, pragmatic approach to conveyancing to push through your transaction as quickly as possible.
Talk to our friendly team now on 0800 038 6699 to find out how we can help or get an instant online quote now. We guarantee the price you are quoted is the price you pay and if your transaction does not complete for any reason, our no-completion, no-fee offer means you won’t be out of pocket.