The Help to Buy Wales scheme has been extended by 12 months and will now run until at least March 2022.
The Welsh scheme has so far provided equity loans to more than 10,000 buyers, enabling them to buy new-build homes with a 5% deposit.
Here, Which? explains how the extension will work and investigate what's happening to Help to Buy elsewhere in the UK.
Buyers can then take out a 75% mortgage and put down a 5% deposit to pay for the remaining cost.
Help to Buy Wales was set to close on 31 March 2021, but the deadline has now been extended by a year. The Welsh Government says a further extension until 2023 may follow, but this will depend on funding from the UK government.
From next April, Help to Buy Wales will operate with slightly different rules. The maximum price of properties sold under the scheme will reduce from £300,000 to £250,000, and all homes will need to be 'broadband-ready'.
The Help to Buy scheme in England also offers equity loans of up to 20% (or 40% in London) and is set to undergo some changes of its own.
From April next year, the government will limit the scheme to first-time buyers only, and maximum price caps will be put in place.
The caps were set in August 2018 at 1.5 times the regional average first-time buyer price, and will range from £186,100 in the North East of England to £600,000 in London.
This changes to Help to Buy came after developers faced allegations of inflating the prices of new-build homes sold under the scheme.
The government has been under pressure to extend the current version of Help to Buy given the coronavirus outbreak, but has so far rejected calls to do so.
The Help to Buy (Scotland) Affordable New Build Scheme (to give it its full name) was extended by a year in June, meaning it will now run until March 2022.
The scheme offers equity loans of up to 15% of the value of new-build homes priced up to £200,000.
The biggest difference with the Scottish scheme is that equity loans are provided interest-free forever. In England and Wales, interest starts to kick in on the loans after five years of owning the property.
Instead, the Northern Irish Government has focused its efforts on a couple of different options for first-time buyers.
The biggest issue facing first-time buyers in the current market is a lack of mortgage options, especially for those with deposits of 5% or 10%.
Around nine in 10 low-deposit mortgage deals have disappeared since the start of the pandemic, and lenders who are offering 90% mortgages are setting strict limits on who can apply and how much they can borrow. Some are even launching to keep the lid on demand.
This means that unless you've got a 15% deposit, you might struggle to get a loan in the current climate, and new research by Aldermore shows 46% of first-time buyers are considering delaying their move for up to a year.
A lack of mortgage options can make schemes like Help to Buy and shared ownership seem more attractive, but both can be expensive in their own right, so do your research before rushing in.