The scheme was set to expire in 2021, though it was added that there will be no further extension after that year.
The government has extended the Help to Buy equity loan scheme until 2023, details in the Budget show.
After April 2021, the year it was originally set to expire, the scheme will be available for first-time buyers only for two years until March 2023.
The government said: “The new scheme will be available for first-time buyers only, and for houses with a market value up to new regional property price caps. (see below)
“These caps are set at 1.5 times the current forecast regional average first-time buyer price, up to a maximum of £600,000 in London.
“The government does not intend to introduce a further Help to Buy equity loan scheme after March 2023.”
Kevin Roberts, director of Legal & General Mortgage Club, said: “Today’s extension of the Help to Buy scheme to 2023 has provided much-needed clarity over the scheme.
“Not only do housebuilders now have more certainty for longer-term planning and building the thousands of new homes our country so desperately needs, but it also gives potential buyers who are saving for a deposit the peace of mind that they too can benefit from the scheme over the coming years.”
New Help to Buy regional property price caps
| Region | Price cap for properties eligible for Help to Buy Equity Loan scheme from April 2021 to March 2023 |
|---|---|
| North East | £186,100 |
| North West | £224,400 |
| Yorkshire and The Humber | £228,100 |
| East Midlands | £261,900 |
| West Midlands | £255,600 |
| East of England | £407,400 |
| London | £600,000 |
| South East | £437,600 |
| South West | £349,000 |
