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'Help to Buy' Coming to an End

In our monthly newsletter we covered the news that 'Help to Buy' HTB was coming to an end in March 2023 and that buyers should start to prepare now for its termination with no successor in sight.

Please see extract below and for the full story - subscribe to our newsletter by emailing hello@goviewlondon.co.uk.

It’s not been widely reported but ‘Help to Buy’ (HTB) is coming to an end in March 2023. This may seem a long time away to a lot of people but as we all know; time has a habit to move very quickly. Coupled with the property buying process normally taking 6 months from search to completion you can see the time evaporating before your eyes.

It is forecast that over 31,000 people in London alone have been purchased with ‘Help to Buy’ since its inception in 2013. The end of the scheme will terminate a bridge for many first-time buyers entering the market.

Since July 2020, HTB has operated for first time buyers only with the Government paying 40% of the home’s value, and the buyer taking that loan element responsibility on in the form of a five-year interest free loan. The rest of the purchase is financed with a 5% deposit and a mortgage product for the remaining 55%

There has been rumours of a new scheme; however, tellingly, when the announcement was made in July 2020, The Ministry of Housing, Communities & Local Government, stated ‘there are no plans for further extensions’, almost 2 years on from that announcement - this remains the case.
 
The Government’s new flagship scheme is ‘First Homes’; however, our understanding is that this will be much more limited in supply to Help to Buy given it makes up 25% of a development company’s shared ownership housing contributions and is not a commercial mechanism to market for them.



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