Latest News

Government extends support to stop business evictions in 2020

17 September 2020

Robert Jenrick, Secretary of State for Housing, announced yesterday, 16 September, that all commercial tenants will be protected from the risk of eviction until the end of this year. Read More...

High Court rules in favour of agents over Business Interruption Insurance

15 September 2020

Thousands of companies disputing their insurers' interpretations of liability under Business Interruption Insurance welcome the court ruling today, 15 September, where it found in favour of the arguments advanced for policyholders on the majority of issues brought by the Financial Complaints Authority (FCA) test case. Read More...

New guide helps agents stay on the right side of competition law

15 September 2020

The Competition and Markets Authority (CMA), together with the Institute of Risk Management, has published a new edition of its short guide on competition law risk that will help agents to identify and reduce competition law risks. Read More...

Government extends Help to Buy scheme

Monday 03 August 2020

House buyers using the Help to Buy scheme, now have until 30 March to complete their transactions. The Government extension to the deadline was introduced following the many building sites which were closed during the Coronavirus pandemic.

This extension enables those buying via its equity loan scheme to complete their purchases where delays in construction have occurred due to COVID-19.

It is hoped that this new deadline will benefit both agents and developers selling new homes, by preventing the collapse of thousands of deals, which are provided under the Help to Buy scheme.

Amid wider concerns surrounding the economy and unemployment in the construction sector; it is thought that the completion of as many as 18,000 Help to Buy purchases has been implicated by Coronavirus.

With an extension to the deadline, what does this mean for the property industry, estate agents, and housebuilders, alike?

Cut-off date

The original cut off date of December 2020 has now been extended until at least 30 February 2021, with a strict stipulation for all transactions to be concluded by no later than original completion date of 31 March 2021.

Terms and conditions

Although the extension is generous to agents, housebuilders, and first-time buyers alike, there are of course conditions to the deal. Priority lies with homebuyers who made a reservation prior to 30 June. Recently, however, the Government’s housing agency Homes England is working with those affected to ‘assess their situation’ and, in some cases, grant a further extension to 31 May 2021 to legally complete. The new scheme, due to start on 1 April next year, will be a more specific system which only includes first-time buyers, whilst adhering to property price caps. This scheme will not be extended.

Propertymark's views

This extension, whilst a generous offering from the UK Government confirms their commitment to enabling people to buy a home.

For the property industry and the consumer alike, it is hoped that this will provide clarity and certainty for those customers whose property purchases have been implicated due to the Coronavirus.