Manchester news The first-time buyers set to lose dream homes - through no fault of their own Manchester united news

MetiNews.Com - The government's Help to Buy scheme is due to end in a few weeks time - meaning homeowners whose properties have not been completed will lose them

Manchester news The first-time buyers set to lose dream homes - through no fault of their own Manchester united news

MetiNews.Com - The government's Help to Buy scheme is due to end in a few weeks time - meaning homeowners whose properties have not been completed will lose them

Manchester news  The first-time buyers set to lose dream homes - through no fault of their own Manchester united news
14 January 2021 - 09:16

Breaking News ! First-time buyers could lose their dream homes – and thousands of pounds they have already spent on them – if the government does not extend its deadline for the Help To Buy scheme as Covid causes construction delays. Three new properties being built at Fletcher Park in Monton have been reserved by couples using the equity loan scheme which is ending soon. But work on these new builds, which cost close to £400,000 each, have been hit by delays due to staff on site falling ill or having to self-isolate, which means construction will now not be completed in time for the government's deadline. The current scheme, which provides buyers with a low-interest loan towards the deposit for their new homes, was due to come to an end in December. However, in July, the deadline was extended by two months, requiring all new homes purchased through the scheme to be completed by February 28. But since then, infection rates have risen all over the country, resulting in regional restrictions in Greater Manchester and two national lockdowns. And the government's own research, published in December, shows that the average 'build-out' time has increased by three to eight months due to Covid. Greg Saunders and David Leith at Fletcher Park by Hall and Co Property in Monton (Image: Manchester Evening News) Greg Saunders, 31, and his partner David Leith, 36, reserved a property at the Fletcher Park development over the summer, but have now been told that their new four-bedroom townhouse will not be completed before the deadline. They have each spent around £2,000 on solicitor and mortgage broker fees. If the deadline is not extended, their budget for a home will be slashed in half. Read More Related Articles Sign up for the MEN's free daily newsletter Read More Related Articles Tragedy as 'caring' young man crushed to death by taxi after falling into the road Greg said: "We've saved up through our twenties to get a deposit together and now we're in our thirties and just about to get on the property ladder and simply because of Covid building delays, it's being taken away from us. "We're not asking for money. It won't actually cost the government a penny." The couple have been in contact with their new neighbours at Fletcher Park, who are also relying on the Help To Buy scheme to purchase their properties. Ian Hoey at Fletcher Park by Hall and Co Property in Monton Ian Hoey, 34, and his fiancée Lorien Dullaghan, 32, were due to be getting married last summer, but the wedding was postponed because of Covid. The sales manager and fashion designer decided to buy their first home together while they wait for the wedding, which has been rearranged for August. But if the Help To Buy deadline is not extended, they would not be able to afford to purchase the property before they get married, according to Ian. When asked what would happen if they lost the loan, he said: "We'd probably choose not to buy. We'd probably go for the wedding and then buy next year. "We'd need to save up for another period of time and continue renting." Seb Jones, Sarah Turner and Bobbi the dog at Fletcher Park by Hall and Co Property in Monton (Image: Manchester Evening News) Software engineer Seb Jones and his partner Sarah Turner, a human resources officer, planned to move into their new home at Fletcher Park with dog Bobbi. The 33-year-olds moved to Manchester from east London around 18 months ago and have been renting properties in each place for a 'very, very long time'. Seb said losing the Help To Buy equity loan would change everything for them. He said: "We'd have to have a complete and utter rethink. We've got the 5 pc deposit together with help from family, so we won't be looking at anything like this.

. Developer Jamie Hall at Fletcher Park by Hall and Co Property in Monton (Image: Manchester Evening News) Director Jamie Hall said that while this is definitely a national issue, delays in construction caused by Covid have affected smaller developers the most. He said: "Some of our key workers are contracting the virus. It's fine if you're a national housebuilder and you use massive subcontractors who can put a team in place straight away. We don't have that trade to go to. "When we lose our groundworkers, we have to wait." Jamie says the Help To Buy scheme has been a 'major assistance' towards housebuilders and developers as well as getting people on the property ladder. Since April 2013, the equity loan scheme has helped more than a quarter of a million people to buy a home with a low-interest loan towards their deposits. Developer Jamie Hall at Fletcher Park by Hall and Co Property in Monton (Image: Manchester Evening News) Under the current scheme, buyers need a 5 pc deposit, and the government lends up to 20 pc of the value of the home, or up to 40 pc for those in London. Following an extension announced in July, new homes being bought through the scheme would needed to be finished being built by the end of February and any reservations made before June 30 are protected until May 31, 2021. But Jamie argues that the scheme should be extended by at least 10 months. He added: "This is a national problem. The Help To Buy Scheme was put in place to help people onto the property ladder and to help the housing market. It's the worst time to bring it to an end. "We're not looking for an unreasonable amount of time. It was extended in July. We're back in a lockdown now. "It's not just that we're going to lose a potential way to make sales. We've got three buyers that if the pandemic hadn't happened, we would have completed their houses on time. "It just feels wrong." The developer and his clients have contacted their MPs, ministers and the Secretary of State in a bid to get the government to extend the deadline. A spokesperson for the Ministry of Housing, Communities and Local Government said: “While construction can continue during the national lockdown, we recognise there have been delays caused by the pandemic. “That’s why we extended the Help to Buy build deadline by two months to 28 February 2021 and provided extra flexibility on the purchase deadline until 31 May 2021 to protect existing reservations made before 30 June 2020. “We are aware of the concerns raised and are continuing to monitor the situation.”

Source = MetiNews.Com

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Manchester news The first-time buyers set to lose dream homes - through no fault of their own Manchester united news


Manchester news The first-time buyers set to lose dream homes - through no fault of their own Manchester united news


Manchester news The first-time buyers set to lose dream homes - through no fault of their own Manchester united news


Manchester news The first-time buyers set to lose dream homes - through no fault of their own Manchester united news

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