Budget 2015: Reaction
Wed 18 Mar 2015
Another George Osborne speech, another round of good news for house buyers – this time for first time buyers.
The announcement of a new Help to Buy ISA is fantastic news for those looking to get on the property ladder and is sure to be another stimulant for the housing market, following the stamp duty reforms last year which are already having a positive effect on sales.
Under the new plans, for every £200 saved the Government will add an extra £50 towards the cost of a first home – boosting savings by 25 per cent. Deposits into the ISA account will be limited to £200 per month and the total contribution from the Government capped at £3,000 – but it means buyers may only need to save 75 per cent of their deposit before they are in a position to buy a home.
This new initiative, together with the continued success of the Help to Buy scheme, will be a welcome boost for local people trying to save for their first home. For many, it could be the difference between buying now or waiting another 12 months.
Chris Green, director