Money savvy Stevenage residents have made the most of the 'Help to Buy ISA' in Herts, according to new data.
Five years after the deadline to open a Help to Buy ISA, experts at solicitors Bird & Co have explored how the scheme has been utilised in Herts.
The Help to Buy ISA was a UK government scheme designed to assist first-time homebuyers in saving for a house deposit.
First launched in December 2015, new accounts could be opened until its demise on November 30, 2019. Existing account holders can continue contributing until November 2029, with the government bonus of 25% (up to £3,000) claimable until December 2030.
Looking at data for Hertfordshire, the average percentage of property sales involving the Help to Buy ISA, and some outlying figures, are as follows:
Stevenage came first place for average Help to Buy sales, at 1.23%, with North Herts following in second place, at 0.78%.
Daniel Chard, Partner at Bird & Co, has suggested, “the statistics may be due to eligibility criteria, differing appeal for the government bonus, lack of awareness, or missing the chance to open an account. Other people may have greater savings or family support, reducing reliance on the scheme.”
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As shown by the table, the percentage of house sales involving the Help to Buy ISA during Q4 2021 were much higher than usual.
Daniel added: “The COVID-19 pandemic delayed many property completions, which were finalised in late 2021, likely contributing to a temporary spike in Help to Buy ISA completions."
For those who missed the deadline to open an account, the Lifetime ISA offers a similar 25% government bonus for savings, with higher annual limits but slightly different conditions.
If you are looking to buy a property using your Help to Buy ISA in Hertfordshire, Bird & Co can help. If you are planning to purchase, sell or remortgage your home, then get in touch with Bird & Co’s Hertfordshire conveyancing solicitors by emailing enquiries@birdandco.co.uk.
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