Help to Buy ISAs assisted 88,600 first-time buyers get on the property ladder last year alone
- 22nd August 2019
- Buying Property News
Londoners have been the heaviest users of the scheme with £27million in bonuses paid out since it began
New data reveals that there has been an 8% rise in the number of properties bought with Help to Buy ISAs this year increasing to 88,600 in 2018/19, up from 61,100 in 2017/18.
The continued growth in property purchases supported by Help to Buy ISAs indicates the schemes growing popularity amongst first-time buyers who otherwise may be priced out of the market.
Londoners were found to be the heaviest users of the Help to Buy scheme. Since the scheme began it has helped 27,000 people looking to purchase a property in London, with a total bonus amount paid by the government reaching £27 million.
Help to buy ISAs were introduced by the government in December 2015 in an effort to give first-time buyers the opportunity to save up for a home of their own. First-time buyers receive a 25% bonus from the government on their savings of up to £12,000, so you can potentially earn a maximum tax-free bonus of £3,000.
The huge number of mortgage products coming to the market such as guarantor, shared ownership and 40-year mortgages and the increasing competition among mortgage providers has helped keep interest rates down, making mortgages more affordable for first-time buyers.
Stephen Ludlow, Chairman at ludlowthompson, says: “The Help to Buy scheme has clearly been successful in assisting first-time buyers get their foot on the ladder.”
“First time buyer s should certainly consider taking advantage of Help to Buy ISA’s while they still can as the scheme is planned to be removed in November 2019."
“Using a fully regulated estate agent like ludlowthompson which goes the extra mile with assisting first-time buyers moving into or around London will make all the difference when purchasing your first home.”
ludlowthompson maintains its transparency by encouraging customer reviews across a number of platforms. Over a three-year period, we ranked number 1 agent in the UK on allAgents out of 15,000+ agents, with 5300+ 5* reviews.
Here is a selection of recent reviews of happy customers of ludlowthompson via Google Reviews:
Tina Kramzer via google reviews:
“Fantastic service, always quick to reply and help if needed. Both Terence and Emma are very knowledgeable, and can help with advice and speeding things along, which is exactly what you need when buying/selling your home. To be honest , most professional estate agents I came across! Pleasure to do business with and highly recommended!”
Stella S via google reviews:
My daughter and I met with Fabio to see 3 properties and I could not have been more pleased with his service. He was extremely helpful and very professional. I really appreciate the fact that he made an effort to get to know us - very friendly
“The Help to Buy scheme has clearly been successful in assisting first-time buyers get their foot on the ladder.”
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