£2.2bn budget boost for home buyers - Trust a Trader
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In the 2015 budget this week Chancellor George Osborne announced £2.2bn worth of help to home buyers in the form of a new 'Help to Buy' ISA.
The move has been welcomed as a boost to the construction industry as well as those looking to buy a new home.
Provided a Conservative government is elected in May, this autumn will see the introduction of the new Help to Buy ISA, which is designed to help people saving for a deposit for a new house.
The government will support the new ISA with a contribution of £50 to the home buyer for every £200 they save, up to a maximum of £3,000 towards the deposit on a new home. It is estimated that this assistance could add up to around £2.2bn over the next parliament.
The unexpected announcement came towards the end of the budget statement. It was also confirmed that the deposit savings scheme wouldn't be limited to new-build homes.
A Home Builders' Federation spokesperson commented: "Anything that encourages people to save and helps people getting the deposit they need is positive. We all know the huge problems people have in saving the deposits required."