First-time buyers benefit from extension to Help-to-Buy
News at Newton Fallowell | 02/11/2018
First time buyers benefit from extension to HELP TO BUY!
The Chancellors pre-Brexit budget announced a two year extension to the government's flagship Help to Buy equity loan scheme. Since it's introduction
in April 2013, the scheme has aided over 169,000 purchasers in England, 81% of which have been first-time buyers. The scheme will now end across England in March 2023, although new regional caps will be introduced. Those FTB's who purchase, or since November 2017 have purchased, a shared-ownership property will also benefit from SDLT relief.
From April 2021 the equity loan will only be available to first-time buyers subject to new, regional caps. which means that the proportion of new build properties available to first time buyers will undoubtedly fall. The cap on the current scheme is £450,000 (£600,000 in London). Under the current scheme, over the past year across England (excluding London) 89% of new build properties were sold for below the £450,000 threshold. With the introduction of the new regional thresholds, the proportion of new build properties available to first-time buyers will undoubtedly fall.
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