1st Mar, 2016
A Help to Buy ISA is opened every 30 seconds in the UK, with 75% of the 250,000 buyers who have opened the ISA being aged 30 and under.
According to the Government, a quarter of a million first-time buyers have opened a Help to Buy ISA since the scheme launched on 1 December, 2015. That equals more than 3,000 new accounts every day. Last week, the first buyers claimed their Help to Buy bonus, where the Government tops up every £200 saved with £50.
With the average home in the UK costing around £283,020, many aspiring buyers are struggling to save enough money for a deposit. The Help to Buy ISA, which was launched by Chancellor George Osborne in last year’s March Budget, is designed to help first-time buyers save money for a deposit.
This is great news for first-time buyers, allowing them to earn interest on savings tax-free. Savers can put away £200 a month in the ISA and the Government will top it up by 25%, up to a maximum of £3000.
The Help to Buy ISA is one part of the Government’s wider Help to Buy initiative to help boost home ownership. Other elements include an equity loan and a mortgage guarantee.
At Applegate Properties, we believe that the Help to Buy scheme will have a huge impact on house buying in the future and look forward to its success.
Ready to step on to the property ladder? Take a look at our range of properties available at Applegate Properties: http://www.applegateproperties.co.uk/sales/
Article source: zoopla.co.uk
Image source: pixabay.com
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