The government announced in yesterday’s Budget that Help to Buy will be extended until 2023:

Craig McKinlay, new business director at Kensington Mortgages, said: “The Help to Buy scheme has been a helping hand for thousands of first-time buyers stepping onto the property ladder.

“It isn’t the only solution to solving the housing crisis, but it has supported many people on the path to homeownership.

“A guarantee of its extension to 2023 is much needed news for both developers and buyers to help with their long-term plans.”

Gemma Harle, managing director of Intrinsic mortgage network, added: “Some will see the government’s extension of the Help to Buy scheme by two years until 2023 as a positive however there will be lots of people unhappy it has not been scrapped.

“The scheme has had mixed reviews with some accusing it of simply serving to massively inflate housebuilder share prices alongside the unintended consequence that some first time buyers have been left as mortgage prisoners.”