The Help to Buy ISA has now supported as many as 612,426 property completions since its launch at the end of 2015, according to the latest government statistics.
The quarterly figures, covering the scheme’s launch up to 20 June 2024, show 795,759 bonuses have been paid through the scheme (totalling £1bn), with an average bonus value of £1,291.
The highest number of property completions supported by the scheme is in the North West, Yorkshire and the Humber, the West Midlands and Scotland, with the lowest numbers in North East of England, East England, Wales and Northern Ireland.
The mean value of a property purchased through the scheme is £178,220, compared with an average first-time buyer house price of £241,502 and a national average house price of £288,000.
The Help to Buy ISA scheme was launched on 1 December 2015 with accounts available through banks, building societies and credit unions.
The scheme enables people saving for their first home to receive a 25% boost to their savings from the government when they buy a property of £250,000 or less (with a higher price limit of £450,000 in London).
This means that for every £200 saved, first-time buyers can receive a government bonus of £50. The maximum government bonus is £3,000.
The scheme closed to new accounts on 30 November 2019. Help to Buy ISA holders can, however, continue saving into their account until 30 November 2029 when accounts will close to additional contributions. The Help to Buy ISA government bonus must be claimed by 1 December 2030.
