The Help to Buy equity loan scheme has been extended by two months to 31 May to accommodate buyers and builders with applications already underway.
The deadline has been changed due to the pandemic, which has impacted the time it takes for developers to build homes, while the housebuying process has been notoriously slow and cumbersome for buyers over the past few months.
Homes England said in a statement: “We are extending legal completion to May 31 2021 due to delays caused by Coronavirus.
“This allows an extra two months for homebuilders to complete the build and for homebuyers to legally complete and get the keys to their home.
“There will be no more extensions, so we are asking homebuilders to continue to build at pace.”
Applications for the current scheme ended on December 15 2020.
The new version of Help to Buy is limited to first-time buyers and subject to regional price caps, while it runs until the March 31 2023.
This post has originally been featured in Property Wire.