19 March 2015
A new financial scheme could help aspiring homeowners save for a deposit on a custom build home.
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The Help to Buy ISA – announced by the Chancellor George Osborne during yesterday’s Budget – is set to help even more people to get their first foothold on the property ladder, with government contributions for those saving up that much-needed deposit.
The ISA will be available from Autumn 2015, and will mean that for every £200 someone saves through the scheme, the government will contribute £50 – an effective tax cut for first-time buyers.
Welcoming the news, Michael Holmes, Chair of the National Custom & Self Build Association (NaCSBA), said: “The Help to Buy ISA is a good initiative that could be used as the deposit on a custom build home, designed and built to a first time buyers’ individual requirements.
“We are keen to see that any public money invested in the housing market results in new homes being constructed and does not simply increase demand for a limited existing housing supply, potentially adding further upwards pressure on house prices.”
Other measures the government has introduced to help aspiring custom builders include a £150 million Custom Build Serviced Plots Loan Fund for 10,000 ‘serviced plots’ – and Help to Buy ISA eligibility could allow first-time buyers to purchase a custom build home worth up to £450,000 in London or £250,000 anywhere else in the UK.
