A record number of property purchases using a Help to Buy ISA were completed in June.
A total of 8,330 completions were carried out, according to latest HMRC data covering Help to Buy ISA figures from December 2015 to June 2017.
Since they were launched in December 2015, 83,686 property completions have been supported by Help to Buy ISAs, and 113,868 bonuses have been paid through the scheme, with an average bonus value of £678 and a total value of £77m.
Hargreaves Lansdown personal finance analyst Sarah Coles said: “Anyone saving into a Help to Buy ISA at the moment has to be cheered by the fact that since December 2015, nearly 84,000 people who were in their shoes have since clambered onto the housing ladder. As time goes on, and funds build up in these ISAs, we are seeing more and more people able to buy a home with the help of the scheme: June saw a record number of completions using funds from Help to Buy ISAs.
“However, if you’re really serious about owning a property of your own home, it’s worth being aware that the Help to Buy ISA isn’t the only show in town. The launch of the Lifetime ISA in April this year provides an alternative with a number of extra benefits. It means that if you’re going to improve your chances of getting onto the housing ladder more quickly, Help to Buy ISA savers should weigh up the advantages of a switch.”
“The LISA allows you to save more and get a bigger bonus more quickly. It also offers more flexibility over how you save, what you invest in, and how you use the money: so unless you plan to buy your property within the next 12 months, a transfer for most makes a lot of sense.”
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