Over a million people have now opened a Help to Buy ISA, with first-time buyers saving around £1.8 billion into their accounts.
The Help to Buy ISA scheme launched on 1 December 2015 enabling aspiring homeowners to save up to £200 a month towards buying a property worth up to £250,000, or £450,000 in London.
Once they’re ready to buy their first home, savers will benefit from a 25% government bonus which can be worth up to £3,000.
Those looking to purchase a home with a partner can open separate ISAs and claim government contributions to put towards buying their first property together.
The scheme has grown since its introduction almost 2 years ago, with the equivalent of 1,500 Help to Buy ISAs being opened every day.
First-time buyers will be able to open a Help to Buy ISA until 30 November 2019.
For existing account holders, they can continue saving into their Help to Buy ISA until 30 November 2029 when additional contributions will close.
Government contributions can be claimed until 1 December 2030.
Stephen Barclay, economic secretary to the Treasury, said:
“Reaching the landmark of 1 million Help to Buy ISAs shows the product’s success in helping first-time buyers save towards a home.
“Our Help to Buy schemes continue to prove hugely popular across the country as we support people to get on in life and achieve their dream of climbing the housing ladder.”
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