Help to Buy Scheme

Ministry of Housing, Communities and Local Government written question – answered on 11th January 2021.

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Photo of Paula Barker Paula Barker Labour, Liverpool, Wavertree

To ask the Secretary of State for Housing, Communities and Local Government, if he will extend the help-to-buy scheme to enable smaller developers to obtain materials and meet their obligations to buyers.

Photo of Christopher Pincher Christopher Pincher Minister of State (Housing, Communities and Local Government)

The Government recognises that there has been market disruption. That is why on 31 July a two-month extension was announced to the Help To Buy building completion deadline from 31 December 2020 to 28 February 2021. The legal completion deadline for the purchase remains 31 March 2021. However, the Government also announced some additional flexibility to protect existing reservations made before 30 June 2020. These sales, by agreement with Homes England, must reach practical completion by 30 April 2021 and legal completion no later than 31 May 2021. More information can be found at https://www.gov.uk/government/news/help-to-buy-scheme-extended . There are no plans to extend the current Help to Buy scheme beyond 31 March 2021 and a new two-year Help to Buy Equity Loan scheme for first time buyers commences on 1 April 2021. More information on the new scheme can be found at: https://www.helptobuy.gov.uk/equity-loan/help-to-buy-equity-loan-2021-2023/ .

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