The UK housing market has been in a state of flux in recent years, with prices rising and availability of affordable housing becoming increasingly scarce. In an effort to help more people get onto the property ladder, the UK government has introduced the Help to Buy scheme, which provides financial assistance to those looking to purchase their first home. The scheme has been widely praised for its ability to help people access the housing market, but it has also been criticised for its limited time frame.
However, in a move that will be welcomed by many, UK Housing Minister Robert Jenrick has recently announced an extension of the Help to Buy scheme’s practical completion deadline. The extension means that buyers who have already reserved a property under the scheme will now have until 31st December 2021 to complete the purchase.
The extension of the deadline is expected to provide much needed relief to those who have already reserved a property under the scheme, but who may have been struggling to complete the purchase due to the current economic climate. It will also give buyers more time to save up for a deposit and secure a mortgage, which can often be difficult to do in a short space of time.
The extension of the Help to Buy scheme’s practical completion deadline is a welcome move from the government and should help more people get onto the property ladder. It is hoped that this will help to ease the pressure on the UK housing market and make it easier for people to access affordable housing.