The Government has announced that over 500,000 people have opened Help to Buy: ISAs, which offer government bonuses of up to £3000, as they save towards buying a home.
Its figures show that since the launch of the Help to Buy equity loan, mortgage guarantee and ISA schemes:
- 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
It believes that Help to Buy schemes continue to benefit first time buyer, with 129,000 households buying their first home thanks to the scheme.
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.”
Peter Andrew, Deputy Chairman at the Home Builders Federation said: “Help to Buy continues to help thousands of people a month get a foot on the housing ladder and with interest rates expected to remain at historic low levels, demand for new build homes remains extremely strong. The various Help to Buy schemes are really making a difference, helping people to save for and buy a new build home and so driving demand, and in turn housing supply.”
