London proves the most popular UK area for Help to Buy ISA purchases
- 15th January 2020
- Buying Property News
South London has 6 of the top 10 areas for first-time buyers using the scheme
Our research shows that Walthamstow topped the list of the most popular areas in the UK for properties purchased through the Help to Buy ISA scheme, based on value. South London accounted for 6 of the 10 most popular locations out of a total 650 areas in the UK.
£212.4m worth of property was purchased in Walthamstow through the scheme, which recently closed to new applicants. The North East London borough has undergone significant regeneration in recent years, attracting young professional buyers that traditionally flocked to areas such as nearby Hackney. East London areas including West Ham have also been popular among first-time buyers using the scheme, owing in part to its excellent transport links.
Lewisham and Greenwich in South London follow Walthamstow as the most popular locations for Help to Buy ISA purchases. These areas have benefitted from significant investment in infrastructure, as well as leisure and retail amenities, which have made them more appealing to first-time buyers.
The Help to Buy ISA was introduced to help people save to buy a home. First-time buyers received a 25% bonus from the Government on savings up to £12,000, allowing them a tax-free bonus of up to £3,000. The scheme has been replaced by the Lifetime ISA which enables users to save up to £4,000 per year towards their first home or retirement, with a tax-free bonus of up to £1,000 on top of this.
Stephen Ludlow, Chairman at ludlowthompson says: “Help to Buy ISAs have helped many first-time buyers to get on the property ladder.”
“Saying that Croydon is the new Shoreditch no longer gets you labelled as an eccentric. The arrival of BOXPARK in Croydon and artisan street food markets in Tooting and Lewisham are just the latest leg in their movement upmarket.”
“Now that the Help to Buy ISA scheme is no longer open to prospective new buyers, those wishing to purchase their first home could look to open a Lifetime ISA, which will give them significant tax-free bonuses to put towards a deposit.”
“We expect to see the emerging areas of North East, South East and South West London continue to appeal to first-time buyers under the Lifetime ISA scheme.”
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:
Hermione Y via Google reviews:
“I really appreciated the (Lewisham) team for being helpful during the viewing process. They demonstrated outstanding professionalism and flexibility by accommodating my work schedule. Overall a very good experience.”
Emem E via Google reviews:
“I was very impressed by the agency…the (Lewisham) team took me through every process with kindness, and patience. Furthermore they demonstrated a high level of professionalism and flexibility all through the process…I highly recommend the agency.”
Saying that Croydon is the new Shoreditch no longer gets you labelled as an eccentric. The arrival of BOXPARK in Croydon and artisan street food markets in Tooting and Lewisham are just the latest leg in their movement upmarket.
FREE & INSTANT PROPERTY VALUATION
IN JUST 60 SECONDS