More than half a million people have opened a Help-To-Buy ISA since the scheme was launched in December 2015.
The Help-To-Buy ISA allows people to save up to £200 a month while receiving a 25% bonus from the government. The figures show that the average price of a home purchased using the Help-To-Buy scheme is £189,795 – a figure below the national average; of £292,000.
94% of the property sales using this scheme have taken place outside London while over half of completions have been for new build homes.
Other findings show that 129,000 first time buyers have used the scheme, and 1,000 households a month have purchased their own home through the Right-to-Buy scheme since 2012. Since 2010, there have been 309,000 households that have made use of the government-backed schemes.
The Deputy Chairman of the Home Builders Federation said: “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’.
Alongside the Help to Buy ISA, there are affordable home ownership schemes available for those looking to purchase a property. These include the Equity Loan and Mortgage Guarantee.
The Equity Loan enables those that have a 5% deposit can receive a 20% low-interest loan towards a new build home worth £600,000 (or £300,000 in Wales). There is a separate scheme in Scotland.
The Mortgage Guarantee enables individuals to buy a home worth £600,000 or less with a 5% deposit.
If you would like more information about inheritance tax and gifting your assets, please contact Rebecca Potton on 01923 224411.