Ingenious comments on the Help to Buy scheme being potentially extended

Tom Brown, Managing Director of Real Estate at Ingenious comments on the government drawing up an extension to the Help to Buy scheme.

“Despite the extension to the Help to Buy scheme remaining at the proposed stage, there has been speculation across the industry for some time that the original transitional timelines might need to be changed to reflect the closedown in the market through lockdown and the related challenges in building and construction, which have seen delays in the delivery of projects across all sectors.

“We know there has been support for these proposals from Homes England and the Ministry of Housing, Communities & Local Government, however the final decision rests with HM Treasury and ultimately the Chancellor, Rishi Sunak. They face unprecedented challenges across the whole economy and will be engaged in a very delicate game of give and take. We would expect the final announcement to be a short extension to the existing scheme and not anything more structural, however this will of course be subject to change down the line.”

Kindly shared by Ingenious Real Estate

Main article photo courtesy of Pixabay