Half a million have opened Help to Buy ISAs according to Treasury
More than 500,000 have opened Help-to-Buy ISAs according to the Treasury.
In total there have been 1,490 completions involving the ISA which gives a 25% bonus on savings towards the purchase of a house.
According to the Treasury, 2,090 bonuses have been paid through the scheme with an average bonus value of £421. The highest proportion of property completions with the support of the scheme is in the North West and Yorkshire and the Humber, with a lower proportion in London and the South East.
The mean value of a property purchased through the scheme is £163,821, compared to a national average house price of £292,000 and an average first time buyer purchase of £173,282. The average age of a first time buyer in the scheme is 29 compared to a national first time buyer median age of 30.
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.”
Communities Secretary Greg Clark said: “Anyone who aspires to own their own home should have the opportunity to do so, wherever they are in the country.
“Today’s figures clearly show how we’re helping people realise home ownership dream, with 141 new homeowners a day and thousands of households helped every month through government-backed schemes.
“Anyone thinking about home ownership and those who believe it is out of reach should look again at the range of government schemes available to them.
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.
“Home builders remain committed to growing their businesses such that they can deliver the further increases in supply the country desperately needs.”