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Almost a million savers benefit from Help to Buy ISA

The Help to Buy ISA has helped more than 960,000 people save towards buying their own home, according to the latest government figures.

The scheme, which was launched in December 2015, has helped 240,000 first-time buyers get on the property ladder.

The Help to Buy ISA allows individuals to save up to £200 a month, with a potential government bonus of up to £3,000 on offer. A deposit of £1,000 is needed to open an account. 

Since its launch, 62,528 home completions have been made, while 86,128 bonuses were paid– with the average government bonus paying out £625. 

41,754 completions were made by individuals aged 25 to 34. 

The North West (8,642), Yorkshire and the Humber (6,565) and the South West (5,931) saw the highest number of home completions. 

The average value of a property purchased through the scheme was £170,464, compared to the average first-time buyer house price of £182,000 and the national average price of £216,000. 

Stephen Barclay, economic secretary to the Treasury, said:

“We want to make sure that anyone who works hard and aspires to secure their own home has that opportunity.”

Alok Sharma, housing and planning minister, added:

“As set out in our Housing White Paper, we’re committed to helping those aspiring home buyers currently locked out of the market to turn their home ownership dreams into reality.”

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