It’s great news for first time buyers as the new budget announces help from the government will be available from Autumn for those saving up for a house deposit. It’s been revealed that the government are introducing help-to-buy ISAs for over 16s saving to buy a house.

First time buyers can deposit up to £1000 into the help-to-buy ISA to start with, then can add up to £200 a month into the ISA and for every £200 the buyer saves, the government will contribute £50.

The government will only contribute money into the savings account if it’s being used for a house deposit. They will contribute up to £3,000 - this means that if a couple is buying a home together, the government could contribute up to £6,000. This scheme will accelerate the saving process for those pulling together their house deposit. It’s only available to people who have never owned a home before and the first time buyer will have access to the money they’ve put away in the help-to-buy ISA.

It\'s likely that property prices will increase more in London and the south east meaning more money will be required to go towards a deposit in 5 years time.