Will "Your First Home" Only Apply To New Builds?

Will a converted flat count as a "new build"?

This has not been confirmed for Your First Home.

The 2013 to 2021 Help to Buy scheme was strictly for homes on new build developments sold by registered house builders. Conversions only came in with the 2021 to 2023 scheme, which defined a new build as including converted commercial premises and conversions of buildings that had never been used as homes. A flat in a former office or barn could therefore qualify. Although the guide stated that properties split into flats did not count as new builds, I understand from a solicitor who acted on these purchases that, in practice, units created by splitting a building were often treated as new homes that had never been lived in, and so qualified. What was always excluded was any home that had been lived in before.

Your First Home is described so far only as covering new builds from participating developers, and no definition of "new build" has been published. It may follow the 2021 to 2023 wording, which would let qualifying conversions in. Even then, a home will only qualify if its developer has signed up to the scheme, so not every conversion will be offered.

If you are viewing a converted flat and are told it will qualify, ask the agent to confirm in writing once the detailed rules are published.