Average buyer saves £1k via help-to-buy ISA

The help-to-buy ISA scheme has helped homebuyers save a total of £578 million since its inception in 2015, working out to an average value of £1,073 saved per buyer.

The scheme paid out a total of 538,840 bonuses to complete 410,075 property transactions worth £71.77 billion, Government figures showed.

Launched on 1 December 2015, the scheme enables first-time homebuyers to receive a 25% boost to their savings from the Government when they buy a property worth £250,000 or less (with a higher price limit of £450,000 in London), up to a maximum bonus of £3,000.

The minimum Government bonus is £400, meaning that you need to have saved at least £1,600 into your ISA before you can claim.

While the scheme closed to new accounts in November 2019, existing holders of the ISA account can continue saving until 30 November 2029.

The Guardian recently reported that there could be over a million "forgotten" ISAs that can still be contributed into and benefitted from.

The help-to-buy ISA government bonus must be claimed by 1 December 2030.

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