Following on from Monday’s Budget announcement on the 29th November 2018, we thought it might be useful for you to have an overview of the details around the upcoming changes to Help To Buy.
The 2021 version has been designed to ensure Help To Buy funding goes to those who need it most. To achieve this aim, the 2021 version of Help To Buy will be available exclusively to first-time buyers (currently available to anyone) and a regional property price cap will also be introduced (currently capped at £600,000 outside of London).
The new regional property price caps are shown in the table below. They are set at 1.5 times the current forecast regional average first-time buyer price, up to a maximum of £600,000 in London.
Price cap for properties eligible for Help To Buy from April 2021 to March 2023.
Region Price Cap Value
Source: HM Treasury analysis
Whilst it is great news that a version of Help To Buy will be available for an additional two years; the current version can help more people take their spot on the property ladder. With mortgage rates still incredibly competitive as Lenders vie for market share, NOW is the time to buy!