The government is extending the mortgage guarantee scheme, which helps buyers with small deposits get on the property ladder as higher borrowing costs threaten to put the brakes on the UK housing market in 2023.
The scheme, launched in April 2021, was billed as a way of helping turn generation rent into “generation buy”. It had been due to finish this month but the government said it would now run until the end of next year. The Treasury said the scheme had helped more than 24,000 households across the UK, with first-time buyers behind 85% of the transactions.
