Help to Buy: ISA Scheme Statistics

November 28, 2017

Further to our article ‘First time buyers take note, help to buy ISA is now operational’, HM Treasury has released statistics in respect of the number of Help to Buy ISA bonuses paid out for the time period December 2015 to June 2017, see table below.

The Help to Buy ISA scheme was launched on 1 December 2015 with accounts available through banks, building societies and credit unions. The scheme enables people saving for their first home to receive a 25% boost to their savings from the Government when they buy a property of £250,000.00 or less (with a higher price limit of £450,000.00 in London). This means that for every £200.00 saved, first time buyers can receive a government bonus of £50.00.  The maximum government bonus is £3,000.00.

The scheme will be open to new savers until 30 November 2019. Help to Buy ISA account holders can, however, continue saving into their account until 30 November 2029 when accounts will close to additional contributions.  The Help to Buy ISA government bonus must be claimed by 1 December 2030.

 

District Council Area Number of Bonuses paid Value of Bonuses paid (£) Number of Property Completions Value of Properties (£)
Antrim and Newtownabbey 272 183,831 197 25,836,638
Armagh City, Banbridge and Craigavon 302 202,779 210 26,274,291
Belfast 504 342,389 400 51,582,343
Causeway Coast and Glens 166 108,502 124 14,387,240
Derry City and Strabane 131 86,629 98 11,967,423
Fermanagh and Omagh 49 37,143 40 5,096,898
Lisburn and Castlereagh City 359 257,966 248 37,648,368
Mid and East Antrim 179 119,625 133 15,381,485
Mid Ulster 167 114,946 113 14,457,975
Newry, Mourne and Down 164 109,876 112 14,277,509
Ards and North Down 258 176,047 190 24,943,641

 

Cleaver Fulton Rankin have been members of the Help to Buy: ISA panel since the introduction of the scheme and for further advice, please contact a member of the residential property team on 028 9024 3141.

This article has been produced for general information purposes and further advice should be sought from a professional advisor.

Janet Knox, Para Legal, Residential Property Team, Cleaver Fulton Rankin, Solicitors.