Potential first-time buyers have opened a Help to Buy ISA account every 30 seconds since the scheme was launched on 1 December 2015.
Potential first-time buyers have opened a Help to Buy ISA account every 30 seconds since the scheme was launched on 1 December 2015.
As per the terms of the ISA holders will receive a 25% government top-up on the total saved between £1,600 and £12,000 when purchasing their first home.
Chorley Building Society will offer the new Help to Buy: ISA from 8 February, which will bring the number of banks signed up with the product to 15.
So far 250,000 first-time buyers have opened the ISA.
George Osborne, Chancellor of the Exchequer, said: “Last year I announced further help for first time buyers with the new Help to Buy: ISA and I’m delighted that a quarter of a million people have already taken advantage. It is all part of our plan to back working people who are doing the right thing and saving for their first home.”
Rohan Sivajoti, advisory services director at eVestor said: “The Help to Buy ISA was met with widespread applause from first-time buyers when it was announced, and the recent figures simply reflect how vital the initiative was to those struggling to get a foot on the housing ladder.
“The upcoming increase in Stamp Duty on second home purchases signals another small victory for those looking to buy their first home, but it is important to take a step back and access how much impact these schemes will actually have.
“With an annual increase of 9% on average house prices across the UK, the worry is that not enough is being done. It's a simple supply and demand market and supply needs to increase significantly to stop first-time buyers being priced out of the market."
