The property market has been given a boost after first-time buyers were offered up to £3,000 each to put down as a home deposit through a new help-to-buy Isa.
New measures revealed in today’s budget mean that potential buyers will have their savings increased with a payment from the government when they decide to buy a property.
It will be equal to 25% of their savings meaning that for every £200 they save, the government will add another £50.
The maximum amount that can be put into the Isa and boosted is £12,000 – the government’s payment will top this up to £15,000.
The Council of Mortgage Lenders (CML) has welcomed the announcement made this afternoon by the Chancellor of the Exchequer in his annual budget speech.
CML director general Paul Smee said: “Those who can save for a deposit will appreciate the boost announced in today’s Budget.
“Such steps are welcome. But as saving for a deposit will never become easy, we still need a clear focus on the supply of new housing that will help deliver a sustainable, affordable housing market over the long term.”
If you need property advice or to get a quotation call PM Property Lawyers solicitors in Sheffield on 0114 249 6926.