The new ISA declared in the pre-election Budget will offer boost to those young people who are struggling to save for property deposit.
The current Budget saw the Chancellor proclaim plans for the opening of ISA Help-to-Buy in order to improve the funds of first time buyers.
This major tax break enables hopeful homeowners to put aside money towards the purchase of their very first home by granting £50 for each £200 invested into ISA.
The said statement has been extensively welcomed as it is anticipated that it will lessen dependence on the Parents’ bank accounts and permit more young people to board the first stage of the housing ladder.
The opening of Help to Buy and the succeeding schemes have presented the market with a sharp improvement, and the Government will be eager for this certain scheme to have the same effect.
If this method helps young people store up for a deposit when they just newly graduated and living with parents or if they’re already renting, then that can only be an excellent thing.
The ISA isn’t restricted to saving for one particular purchase only; it also allows young couples that were already living together to mutually save for their very first home.