The Government has given homebuilders until 17th March 2023 to finish building homes reserved under the Help to Buy scheme.
The practical completion deadline had previously been set as 31st January but the Government has been under pressure to provide an extension.
The January deadline itself had been an extension from the original deadline of December 31st 2022.
In a letter to the Home Builders Federation Housing Minister Lucy Frazer has now confirmed the extension but she warned there would be “no leniency on the final legal completion deadline of 31st March 2023″.
In her letter she said it was “important to avoid customer detriment as a result of unforeseen circumstances resulting in the delayed completion of a small number of properties”.
But she was clear that this would be the end of the scheme adding: “The scheme end date is nonnegotiable and there will be no funds available from HM Treasury to support transactions beyond this financial year.
“For this reason, homes that do not legally complete by 31st March 2023 will not be able to access the Help to Buy equity loan.”
The Help to Buy equity loan scheme has been running since 2013.
