Finance

Help to Buy deadline brought forward to October 2022

Rozi Jones
|
30th May 2022
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"At a time when the housing industry is doing everything it can to help first time buyers get their foot on the property ladder, the government has thrown a huge spanner in the works."

The government has confirmed it will bring forward the deadline for Help to Buy applications, with homebuyers needing to reserve their properties by the end of October this year.

The Help to Buy scheme will end in March 2023, a decade after it first launched, but the government has confirmed that applications will close in October this year, earlier than many industry experts predicted.

Homes England has changed the guidance on its website, which confirms that applications will now close at 6pm on 31st October 2022.

Simon Cox, managing director at Walter Cooper, commented: “The government’s decision to bring forward the deadline for Help to Buy applications Is completely unfair and untimely.

“At a time when the housing industry is doing everything it can to help first time buyers get their foot on the property ladder, the government has thrown a huge spanner in the works.

“The end of Help to Buy has been anticipated by many but bringing it forward by five months can be seen as foul play. The government needs to think about introducing a replacement scheme for Help to Buy, otherwise first-time buyers are going to be even more up against it when planning to purchase their first home.

“Although we appreciate the need to be reactive to the economy and budgetary restraints, we need to see effective support from the government for the housebuilding industry in the face of increased inflation and interest rate rises, which has led to a cost-of-living crisis.“

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