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Chancellor George Osborne announces Help to Buy ISA

Chancellor George Osborne’s announcement of a Help to Buy ISA is a great boost for first time buyers. For every £200 an individual saves, the government will put in an extra £50, up to a maximum of £3,000.

The new ISAs, which will be available through banks and building societies, will be launched in the autumn and run for four years – but the chancellor has said people can start saving now and will still benefit.

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.

Established more than 40 years, Redrow Homes is one of the UK’s leading house builders, operating across England and Wales, with a strong emphasis on high quality family housing in prime locations. Its Heritage Collection of family homes combines traditional looking, ‘Arts & Crafts’ influenced exteriors with bright, modern, high specification interiors. The company has won numerous awards over the years, including, most recently, the Gold Award for Best Large Housebuilder at the WhatHouse? Awards 2014, the 2014 Building Awards Housebuilder of the Year and four consecutive 5* awards in the Home Builder Federation (HBF) annual customer satisfaction survey. Redrow also collected the award for best marketing initiative at the 2014 Housebuilder Awards and its ‘My Redrow’ online tool won the overall Customer Engagement category at the 2013 Peer Awards for Excellence.