According to Mortgage Advice Bureau A quarter of a million first-time buyers have opened a Help to Buy ISA since the scheme launched in December last year.

The number of ISAs opened means that there is an equivalent of one person opening an account every 30 seconds, or just over 3,000 per day, and over 25,000 people have taken one out in the North West alone.

The Chancellor, George Osborne, made the announcements whilst visiting a housing development in Cheshire and went on to say that more than half of those that had applied were aged 30 and under.

Brian Murphy Head of lending at Mortgage Advice Bureau, commented, claiming that this  is good news, though there is still a lot of change needed on the construction of new homes.

“An increase in new property listings is a step in the right direction,” he said.

“But after more than a year of falling supply will do little to quell rising house prices.

“A radical step change is needed to boost construction of new homes and even out the current imbalance between supply and demand.

“New-Builds may seem a good option given there is no onward chain – but many of these are sold well in advance, and any delay in property construction could tip completion beyond the deadline.”

 

Source: https://www.mortgageadvicebureau.com/news/HelptoBuyISAopenedevery30seconds/1115/   12.02.2016