The team at local estate agency Connells in Chase Meadow, Warwick has welcomed the introduction of the Help to Buy ISA as announced in Chancellor George Osborne’s recent Budget.
The Help to Buy ISA will assist first time buyers save for a deposit by allowing individuals to save up to £200 a month towards their first home which the government will then boost by 25 per cent. Effectively this is a £50 bonus for every £200 saved, up to £3,000.
Laura Wilson, branch manager at Connells Chase Meadow, Warwick, said: “This is welcome news for those struggling to take their first step onto the housing ladder. We see this as another positive incentive to help people save for their first home and a welcome addition to the Help to Buy scheme which enables purchasers to buy a home with only a five per cent deposit.”
The new ISAs will launch in the autumn through banks and building societies and be available to take out for up to four years for homes worth up to £450,000 in London and £250,000 elsewhere.
Laura added: “This is a real boost for our local market as this will stimulate more buyer and seller activity. Aspiring home owners will get the chance to build an even greater deposit pot which, in time, can only help to get the local market moving. It is especially encouraging to couples who are buying for the first time as both are eligible to open a Help to Buy ISA and this could see them potentially receiving a £6,000 Government bonus towards their new home.”
For more information on the local property market visit your local Connells branch at Chase Meadow, Warwick or call 01926 410422.