19 Mar

Help to Buy scheme to be extended

Help to Buy scheme to be extended

The current Help to Buy government scheme will continue until 2020 following confirmation from the chancellor.

George Osborne told the BBC that the initiative has played a key part in boosting the country's housing market and economy. The scheme had originally been scheduled to cease in 2016.

Grainne Gilmore, head of UK residential research at Knight Frank, said the decision would also be welcomed by the construction industry and could also bring benefits for other areas of the property sector such as estate agents.

She added: "The extended time frame of the scheme will aid the progression of larger and longer term development schemes, crucial in helping boost house building to levels that the government wants to achieve."

Figures show that around 15,000 homes where purchased over the last 12 months under the government scheme, which allows buyers to step on the property ladder with lower deposits.

The chancellor also confirmed the construction of a new garden city in Ebbsfleet, Kent. It is expected the development could create 15,000 new homes.ADNFCR-1222-ID-801704455-ADNFCR

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