A scheme to get more people on to the housing ladder is expected to run for two years longer than planned. Government sources have disclosed that the Help to Buy equity initiative will finish in 2023, rather than the original closing date of 2021, the second time it has been extended. The programme was introduced in 2013 to help to get more people owning property and to ramp up housebuilding. It has since proved so successful for Britain’s biggest housebuilders that it supports between 40 to 50 per cent of their sales each year. However, the scheme has come under criticism for being increasingly dominated by better-off households who use the programme simply to buy more expensive properties. Government data have shown that 6,717 households
The UK government's Help to Buy scheme for first-time home buyers is set to be extended for a second time to between 40 to 50 per cent, two years beyond the previous end date. In addition, ministers are considering the imposition of a restriction to the policy during the extra period, as well as a potential change of name. Help to Buy was introduced in 2013, and has gone on to support 40% to 50% of house builders' annual home sales. However, critics have argued the scheme is being monopolised by wealthier households using it to purchase bigger homes.