The new Help to Buy scheme, which runs from 1 April 2021 to 31 March 2023, will provide brokers with an opportunity to demonstrate the value of advice.

This is according to Sesame Bankhall Group national new build and surveying relationship manager Stacey Wood. She says although the new scheme will only be available to first-time buyers this opens up two areas for brokers to grow their business.

For first-time buyers, brokers can take a holistic approach ensuring conversations are around protection as well as focusing on recommendations and referrals to bring in new business.

The need for professional advice among home movers who are not eligible for the new scheme will be even greater, argues Wood. They will want guidance on other solutions such as family-assisted mortgages, joint borrower sole proprietor and gifted deposit products.

Wood says: “For a customer to go it alone would be really difficult. Pre-pandemic there were about 38 lenders offering 90 per cent in the new build space and now there are three, all of which have additional restrictions in place.

“There will be plenty of innovative solutions for brokers to advise on which customers might not be aware of.”

She notes that while the housing and construction sectors have faced considerable challenges this year, the outlook for new build going into 2021 remains positive.

Demand for new housing is high, with still some way to go before the government reaches its target of 300,000 additional homes built by the mid 2020s.

Nicola Alvarez, corporate account manager – proposition development at Accord Mortgages, who interviewed Stacey for a podcast, concluded: “Whilst this year has undoubtedly been tough, the way the market has collaborated is really positive.

“To have the best chance of success over the coming months, it’s vital we work together to share information and support each other through the transition.

“With the deadline for the current scheme fast approaching, we’re going to see a busy few months ahead. Advisers have a key role to play in supporting people into their own homes, offering support and guidance through the new Help to Buy process and delivering a positive first-buyer experience.”