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First-Time Buyers to Benefit from Help to Buy until 2023

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Posted in Help To Buy.

Help To Buy, Leeds

It has been announced that the Help to Buy scheme will be extended from March 2021 until March 2023 for first time buyers. The extended deadline will help up to 360,000 new homes to be purchased and will give current savers the peace of mind that they too can benefit from the scheme in the future.

 

The government plans to invest £22 billion in Help to Buy by March 2021, which will also help give the certainty housebuilders need to create the thousands of new homes the UK requires.

 

The government said: “Conditions have improved in the market since 2013: there is a growing number of high loan to value products available to first-time buyers and housing supply continues to increase.

 

“To ensure future help is targeted at those who need most help into homeownership, the Budget announces that from April 2021 a new Help to Buy Equity Loan scheme will run for two years before closing in March 2023.”

 

Help to Buy Restrictions, April 2021 – March 2023

Anyone who wants to take advantage of the Help to Buy scheme after April 2021 will need to be a first-time buyer. They must be purchasing a home that falls under the regional price cap, which is calculated at 1.5 times the price of the average first home. The table below outlines what these are across the UK:

 

Region Price cap for properties eligible for Help to Buy Equity Loan scheme from April 2021 to March 2023
North East £186,100
North West £224,400
Yorkshire and The Humber £228,100
East Midlands £261,900
West Midlands £255,600
East of England £407,400
London £600,000
South East £437,600
South West £349,000

 

There are no further plans to extend the Help to Buy Equity Loan scheme after March 2023.

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