Help to Buy scheme extended again to stop thousands of first-time buyers missing out on homes

But the tight deadline, accompanied by delays caused by an unexpected third national lockdown, sparked fears more than 16,000 homes sales could fall through, reports the .

Buyers who may no longer be eligible for the scheme once it changes would see mortgage offers stripped from them without the Government loan.

They also faced losing thousands of pounds in solicitors' and brokers' fees if the deals fell through last minute.

Originally, developers had until December 31 2020 to finish and complete on homes that cash in on the scheme in its current form.

This was pushed back to February 28 2021 to allow for delays caused by the pandemic, such as builders needing to self-isolate and supply issues.

The deadline was then kicked down the line again to March 31, to take into account any issues brought on by the November national lockdown in England.

It is the third time the deadline has been delayed, although the Government warned there will be no further extensions.

Despite aiding more than 4,000 households onto the property ladder, the scheme has been criticised for enabling wealthy buyers purchase bigger homes.

But loans under the new scheme are capped at 1.5 times the average first-time buyer property price by region in England.

For example, buyers in the North East will only be eligible for the help on homes worth less than £186,100, while those in the South East are limited to property worth less than £437,600.

The loans will also be restricted to first-time buyers only.

Although the new version of the scheme hasn't officially started, would-be homeowners can already apply now for new-builds that will be completed on or after April 1.

A Ministry of Housing, Communities & Local Government spokesperson said: "While construction can continue during the national lockdown, we recognise there have been delays caused by the pandemic and we understand the difficulties this has caused some people using the Help to Buy scheme.

"That’s why Homes England is giving builders more time by not enforcing the 28 February build deadline - so only requiring sales to be completed by 31 March, or 31 May 2021 for reservations made before 30 June 2020.

"We are continuing to monitor the situation."