The deadline for the current help-to-buy scheme is set to be extended by a further month – taking it to the end of March – in order to take into account delays to the sector caused by the pandemic.
Aimed at first-time buyers, it was during July 2020 that the practical completion deadline was initially extended from the end of December to February 28th this year.
This came down to matters regarding COVID-19 and how the current climate has drastically affected the property market as a whole, whereby the government were asked to rethink the date in order to benefit those looking to step onto the property ladder and move into a new build home.
At this point in time, practical completion can be done up until March 31st, however, that stands as the final deadline for legal completion.
The only exemption is where Homes England has previously granted extension to legal completion regarding those homes reserved before June 30th 2020, and who now have until 31st May.
Statistics that were officially published last year indicate that 278,639 new homes were bought on a help-to-buy scheme between April 2013 and June 2020.*