Help to Buy scheme to be extended to 2020 announces chancellor

The chancellor George Osborne announced on Sunday that he is to extend Help to Buy for new built homes until 2020, four years longer than planned.

Speaking on the Andrew Marr Show on the BBC, Osborne said that the shared equity version of Help to Buy would be extended - he did not announce any changes to the mortgage guarantee version of Help to Buy.

The chancellor said Help to Buy had "helped people into homes and... helped build new homes".

"I want to extend the Help to Buy scheme for newly built houses," he told Marr. "It was going to end in 2016; we are now going to extend it for the rest of the decade," he said. "That will mean 120,000 new homes."

The Help to Buy scheme has been one of the main drivers behind the improving housebuilding industry and this extension will be welcome news for house builders, manufacturers and merchants.

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