Investments into Lifetime ISAs rises by almost a quarter to £604m
- 7th July 2020
- Buying Property News
Government bonuses from Lifetime ISAs, plus Stamp Duty holiday will make it easier for first-time buyers to get on the property ladder
The amount of money invested into Lifetime Individual Savings Accounts rose 24% in a year, with prospective first-time property buyers saving £604m in accounts in 2019, up from £496m in 2018.
The number of accounts subscribing to a Lifetime ISA also saw a significant increase of 45%, from 154,000 in 2018 to 233,000 in 2019.
Lifetime ISAs were introduced in April 2017 as a way to help first-time buyers get on the property ladder or save for retirement. They are open to those aged between 18 and 39 and savers are able to get a 25% bonus from the Government on their savings of up to £1,000 per year.
Stephen Ludlow, Chairman at ludlowthompson says: “It’s great to see more savers take advantage of Lifetime ISAs as a tax-efficient way of saving towards a deposit on their first home.”
“Lifetime ISAs are great for helping first-time buyers to save for a home. With coronavirus impacting finances, more young savers should be benefitting from the generous 25% Government bonus and using these savings combined with cheap mortgage rates to get on the housing ladder. The Government eliminating Stamp Duty on properties up to £500k until 31st March 2021 will also go a long way in helping people to get on the property ladder for the first time.”
Ludlowthompson’s agents are continuing to offer prospective renters and buyers guided video tours of properties. In person viewing appointments complying with social distancing policies are available following virtual viewings.
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It’s great to see more savers take advantage of Lifetime ISAs as a tax-efficient way of saving towards a deposit on their first home
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