The Conservative party winning a majority in the General Election means that the Help to Buy ISA will become law immediately, independent property expert Simon Morris comments.
“…The Conservatives have a clear path to implement their vision for the UK’s property market. In the run up to the national poll the Tories outlined a number of policies designed to boost the UK’s residential sector including intentions to build 200,000 starter homes in England by 2020 and the Help to Buy ISA.
“The Help to Buy ISA in particular has the potential to make the UK’s residential sector a more attractive property investment option. The fact that it’s designed to help people save will persuade more first time buyers to purchase a home and inject capital into the market, ” Morris says.
According to him, the Help to Buy ISA could be a lucrative investment option when used with property bonds and funds. So, it would be a good thing for buyers and investors alike.
The Help to Buy ISA scheme was announced by Chancellor George Osborne in the 2015 budget a few weeks before the General Election. The scheme, which is designed to help first-time buyers get onto the property ladder is set to launch in autumn 2015 and it would allow first-time buyers to save £200 a month from the taxman. The government said that they would give people 25p for every £1 they save in a Help to Buy ISA, up to a maximum of £3,000 for £12,000 stored in the account. The account will have a minimum requirement of £1,000.
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