From 16 December 2020, first-time buyers can start applying for the new Help to Buy scheme. This could help more first-time buyers struggling to step onto the property ladder.
The new Help to Buy scheme is now open for first-time buyers in England. Eligible buyers will be able to reserve a new-build home though the scheme from mid-December and can receive the keys to move in as early as 1 April 2021. The scheme will be only open to first-time buyers and will run for two years.
Housing Secretary Robert Jenrick says: “The Government is providing more ways to help families onto the housing ladder, and provide that life-changing moment when you get the keys to your own home.
The new scheme differs to the previous, successful scheme. The government backed scheme is now only open to first time buyers, and new price caps have been introduced which mean buyers can purchase homes up to a specific price. The price caps have been introduced regional and vary vastly as they are based upon average house prices. The cap for the South West is £349,000.
Anyone thinking of buying their first home in the next two years should register for the scheme to be able to take advantage. Contact our New Homes team if you’d like to find out more about the benefits here or call: 01626 832 063