More help for first time buyers announced in budget

March 19, 2015

New measures announced in the budget will help  first-time buyers who save in a help-to-buy Isa to  have their savings boosted with a payment from the government when they decide to buy a property. The bonus will be equal to 25% of their savings, so for every £200 they save, the government will give them £50.

Once savers are ready to buy a home they will withdraw their savings and receive a government bonus of 25 per cent of the total account balance,the bonus is being offered for each person, not each house, so a couple will be able to get up to £6,000 towards their purchase.

The Government bonus can only be put towards a first home located in the UK with a purchase value up to £450,000 in London and up to £250,000 in all other parts of the UK.

It is anticipated that up to 1.2 million people will take advantage of a government bonus from the scheme.The median price of a first time buyer property in the UK is £148,190 with a median deposit of £25,190.

Since the launch of the Help to Buy: mortgage guarantee, 40,079 mortgages have been completed with the support of the scheme.

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Breaking News

Housing Insight Report October 2025

The latest figures reveal a steadier, more confident property market, with committed buyers driving sales and rental arrears falling to their lowest level since 2022. In spite of slight dips in demand, rising stock levels and stabilising rents signal a sector gradually finding its balance. Residential sales Prospective buyer registrations dropped in October 2025 The…
Read More →
Breaking News

9 luxury property features to impress Christmas guests

9 of the fanciest home features to impress your Christmas guests – And how much they’ll set you back As the festive season approaches and we prepare to welcome guests into our homes, Enness Global has identified nine of the most extravagant and fancy home features that define true luxury at Christmas. But impressing the…
Read More →
Rightmove logo
Breaking News

No acceleration in rental EPC improvements despite policy push

Rightmove’s 2025 Greener Homes Report reveals: Energy efficiency of homes continues to steadily improve, but slowly: Rental sector stock still more energy efficient than resale stock Both markets have seen a 3% year-on-year jump in proportion of homes with at least an EPC rating of C (58% of homes for rent, 46% of homes for…
Read More →
Breaking News

London renters making it onto the ladder without a deposit

Developers helping London renters onto the property ladder without a deposit, when the Government won’t The latest insight from London’s largest lettings and sales estate agent brand, Foxtons, has revealed that despite the Government providing no new support in the recent Budget for first time buyers, a growing collaboration between developers and lenders is helping…
Read More →
Breaking News

Prime London Sees Post-Budget Surge in £2m+ Listings

The latest research from prime London property experts, Jefferies London, reveals that, just two weeks on from the Autumn Budget and its newly announced prime property surcharges, an estimated 444 homes priced at £2m or more have been listed for sale across the capital. These new listings account for around one in 10 (9%) of…
Read More →
Breaking News

2026 Will Test BTR’s Potential and Government’s Resolve

By Justine Edmonds, Head of Build to Rent / Leasing Strategies, LRG Throughout 2025 I have spent hours in meetings with and on discussion panels with institutional investors, developers and local authorities. And everything I’ve picked up on in the last year suggests that 2026 will be a crossroads for Build to Rent (BTR). The…
Read More →