The HM Government’s 2018 budget, announced yesterday, included an extension of the Help to Buy scheme until 2023…
This is welcome news. On one of our recent developments, The Bridge in Haworth, we have had approximately 40% of our customers benefit from Help to Buy, with over half of those being first time buyers. At The Exchange in Shipley, we have had approximately 70% benefit from the scheme, with only one of the buyers having owned a home previously.
The scheme has enabled our buyers to purchase a new home with only a 5% deposit and as such get them onto the property ladder much sooner than they will have been able to without the Help to Buy scheme.
The scheme has been extended for first time buyers only so if you do own a home (which you intend to sell) and want to benefit from the existing rules you have until 2021 in order to do so.
In addition to the first time buyer requirement, from 2021 there will be lower caps on the value of the property being purchased. For Yorkshire and Humber the maximum value of the property must not exceed £228,100. In the North West it is £224,400. All the more reason to move now if you intend to use the Help to Buy scheme to buy a new home.
Want to find out more about Help to Buy at one of our developments?
We offer it across all our new homes. For Glusburn, please click here. For Haworth, here and for Shipley here.