<p><span>The Help to Buy equity loan scheme will be extended for two years in a modified form and close in 2023, the government has announced today (October 29).</span></p> <p><span>As part of its Budget measures, the government indicated that the terms of the initiative would change from 2021 to 2023, with the scheme being switched to first time buyers only, and “for houses with a market value up to new regional property price caps”.</span></p> <p><span>These caps are set at 1.5 times the current forecast regional average first time buyer price, up to a maximum of £600,000 in London, the government explained.</span></p> <p><span>“The government does not intend to introduce a further Help to Buy equity loan scheme after March 2023,” it said.</span></p> <p><span>Other housing measures announced by the chancellor Philip Hammond include an extra £500 million for the Housing Infrastructure Fund to deliver 650,000 homes.</span></p> <p><span>The government will extend stamp duty relief to first time buyers of shared ownership properties priced up to £500,000. This will be applied retrospectively to those who have bought a home since the Autumn 2017 Budget.</span></p>