You are here: Home - News -

Budget 2018: Help to Buy scheme to end in March 2023

  • 29/10/2018
  • 0
In the Budget small print today, chancellor of the Exchequer Philip Hammond announced a new Help to Buy scheme will run for a further two years, closing in March 2023.


By March 2021 the government will have invested £22bn in the scheme, helping up to 360,000 households into homeownership.

The government said: “Conditions have improved in the market  since 2013: there is a growing number of high loan to value products available to first-time buyers and housing supply continues to increase.

“To ensure future help is targeted at those who need most help into homeownership, the Budget announces that from April 2021 a new Help to Buy Equity Loan scheme will run for two years before closing in March 2023.”

The new scheme will be restricted to first-time buyers only, and for houses with a market value up to new regional property price caps, including £186,100 in the north east stretching up to £600,000 in London. These caps are set at 1.5 times the current forecast regional average first-time buyer price.

The government does not intend to introduce a further Help to Buy Equity Loan scheme after March 2023.

Kevin Roberts, director, Legal & General Mortgage Club said: “Today’s extension of the Help to Buy scheme to 2023 has provided much-needed clarity.”

He added: “Not only do house builders 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.”

Craig McKinlay, new business  director Kensington Mortgages, said: “The Help to Buy scheme has been a helping hand for thousands of first-time buyers stepping onto the property ladder. It isn’t the only solution to solving the housing crisis, but it has supported many people on the path to home ownership. A guarantee of its extension to 2023 is much needed news for both developers and buyers to help with their long-term plans.”

See the Budget 2018 document for further information.



There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.


Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.


Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.


Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
  • RT @robjupp: Great day yesterday for donations to @MortSleepOut. With Gift Aid, we are now close to £17,000. It would be great to get to £2…

Read previous post:
Philip Hammond Chancellor
Budget 2018: Everything you need to know

The Help to Buy scheme and stamp duty relief for first-time buyers is to be extended, as part of a...