Help To Buy Deadline Extended
The government has extended the completion dates for home buyers using the Help to Buy who reserved their homes by 30 June 2020.
The deadline for practical completion will move from 31 December 2020 to 28 February 2021.
Those home buyers who have suffered severe delays due to the coronavirus pandemic, now have until 31 May 2021 to complete legally.
The legal completion date for those who have reserved their home since 1 July 2020, still remains the end of March 2021.
The Ministry of Housing, Communities and Local Government (MHCLG) said:
“The government is also announcing an extra measure to protect existing customers who have experienced severe delays as a result of coronavirus.
“Home England will work with those who had a reservation in place before 30 June to assess their situation and look to provide an extension where necessary.
“In which case, they will have until 31 May 2021 to legally complete.”
Alex Rose, director of new homes at Zoopla, commented:
“Demand for Help to Buy properties is unwavering, so today’s news is a temporary relief for housebuilders and agents alike, but most importantly to those thousands of buyers whose Help to Buy purchase might otherwise have been jeopardised.
“However, the devil is in the detail, and many would argue that a two month extension might not give housebuilders enough time to meet these build deadlines. Residential construction is currently operating at between 60 – 85% of normal output after coronavirus halted work for upwards of six weeks across UK building sites. As a result, many developers are behind with their build schedules.
“Whilst today’s news shores up the purchasing plans for some buyers, many of whom are likely to be second steppers, it is uncertain how many will still miss out on this extended deadline.
“With Help To Buy searches on Zoopla peaking at +60% above levels seen before the market reopened in the week that the Chancellor announced a stamp duty holiday, it’s clear that house hunters want to make use of this support. While we’d hoped for a more encompassing extension, every ounce of support helps at this stage.”