You are here: Home - Mortgages - First Time Buyer - News -

Help to Buy ISA bonus helps fund £48bn of property purchases

Written by:
The latest Help to Buy ISA statistics reveal savers received £358m in bonuses, used to finance properties worth £48.7bn in total.

In the three months to September 2019, just over 31,000 bonus payments were made, helping first-time buyers complete 24,000 property transactions.

The latest quarterly statistics reveal the value of properties purchased through the Help to Buy ISA scheme stood at £4.5bn.

Since the launch of the Help to Buy ISA in December 2015, 280,567 property completions have been supported by the scheme, with 370,768 bonuses paid.

HM Treasury revealed the average bonus stands at £966 with the highest number of completions in the North West, Yorkshire and the Humber.

The median age of a first-time buyer in the scheme is 28, compared to the national first-time buyer median age of 30. Further, the mean value of property purchased through the scheme stands at £173,580, compared to the average first-time buyer price of £197,433.

The Help to Buy ISA scheme closed to new accounts on 30 November 2019. But existing account holders can continue saving into their account until 30 November 2029. The Help to Buy: ISA government bonus must be claimed by 1 December 2030.

Separate statistics on the Help to Buy Equity Loan scheme also revealed there were 52,703 transactions in the time period, with first-time buyers accounting for 43,686 of these sales – an increase of 6.2%.

The scheme has now supported almost 250,000 transactions since its launch in 2013.

The total value of these equity loans, which enable buyers to put down a bigger deposit, stands at £14.31bn, with the value of the properties sold under the scheme coming in at £65.69bn.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Autumn Statement: Everything you need to know at a glance

Yesterday Chancellor Jeremy Hunt made his first fiscal statement in the role, outlining a range of tax measure...

End of Help to Buy: 10 alternatives for first-time buyers

The deadline for Help to Buy Equity Loan applications passed on 31 October. If you’re a first-time buyer who...

Moving to an energy prepayment meter: Everything you need to know

As households struggle with the soaring cost of energy, tens of thousands of billpayers are expected to move o...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week