More than half a million people open Help to Buy ISAs

More than half a million people have opened Help to Buy ISAs in just six months, according to the latest government figures.

The ISAs became available last December. They are very attractive to first time buyers because the government has agreed to add a 25% bonus to a person’s savings as long as the money is used to buy a home.

The maximum bonus is £3,000, available when your Help to Buy ISA savings reach £12,000.

The ISAs are part of the government’s Help to Buy scheme, which offer a number of ways to buy a home with government help to provide a substantial deposit.

The government says that so far:

• over 160,000 completions under the schemes have taken place, with 80% having been made by first time buyers
• average house price being purchased with support from the Help to Buy schemes is £189,795, significantly below the national average
• 94% of Help to Buy completions have taken place outside London
• over half of Help to Buy completions have been for new build homes.

Former Chancellor of the Exchequer, George Osborne said: “It’s hugely encouraging that over 500,000 people have already opened Help to Buy ISAs. The government’s Help to Buy schemes offer responsible lending, and the vast majority of those who are benefiting are first time buyers.”

Please contact us if you would like advice about the legal aspects of buying or selling a home.