There was promising news for people struggling to get on the property ladder when the Chancellor unveiled his Budget last week, with the announcement that a Help to Buy ISA would be introduced.
The scheme would see first-time buyers receive a 25 per cent boost to their savings from the Government. For every £200 saved, the Government would contribute a bonus £50.
Bonuses up to a maximum of £3,000 per person would be available and paid when the home is purchased.
The initiative has been welcomed by Lincolnshire housebuilder Chestnut Homes.
David Newton, managing director, said: “The introduction of the Help to Buy scheme has been a huge help to first-time buyers, who are now able to buy with just a five per cent deposit, and we have witnessed a surge of buyers taking their first step onto the property ladder thanks to the scheme.
“So we welcome the news of the new Help to Buy ISA, which will only serve to give first-time buyers more of a helping hand as they save up a deposit.”
He added: “First-time buyers face the prospect of moving back in with their families while they save, or saving as much as they can while continuing to pay rent, so understandably, saving for a deposit can take some time.
“For any potential first-time buyer in either of these situations, the Help to Buy ISA has to be good news.
“This initiative will give first-time buyers across Lincolnshire the opportunity to buy a home of their own sooner.”