The Help to Buy ISA will be available on homes up to £450,000 in London and £250,000 outside the capital.
Dave Bexon, Redrow’s Group sales & marketing director said:
“Today’s announcement of a special Help to Buy ISA is further evidence of the importance this government is placing on housebuilding to help lead economic recovery. It will be another important tool in helping first time buyers, by tackling the twin problems faced by people saving for their first home – the low interest rates on savings and the high deposits needed by most banks. The fact that government will add £3,000 to the funds of those who save £12,000 towards a deposit offers real encouragement to would-be home owners.
“All in all, there’s a strong recognition that home ownership is playing an important role in the recovery and that homebuilders like ourselves are creating jobs, making a very real contribution to helping tackle the country’s housing crisis and providing the homes that people want and need. Only last week several of our Help to Buy customers met with David Cameron and other senior government officials at 10 Downing Street and we also hosted ministerial visits to developments in Liverpool and Leeds. We look forward to sharing more about the Help to Buy ISA with our customers.”
See the Treasury’s Help to Buy ISA factsheet here.