Help to Buy to cease after 2016
It has been confirmed today (29 September 2016) that the Help to Buy scheme will not continue to operate after the end of the year.
Chancellor Philip Hammond stated in a letter to the Bank of England (BoE) that the scheme, which has been accessible to home buyers since January 2014, will not be extended.
Help to Buy has been at the centre of much scrutiny of recent, with many saying the terms were not made clear to consumers. This announcement of the end of scheme comes after the Housing and Planning Minister, Gavin Barwell was asked to apologise for misleading thousands as a result of the lack of clarity.
Richard Sexton, Director of e.surv has commented on the outcome and says that although the Government have been enthusiastic about supporting the housing market, it is now up to the industry and the Government to work together to ensure the market remains accessible to first time buyers.