Hundreds of buyers used Help to Buy ISAs to purchase first home in Preston and South Ribble as prices increase by 9%

Preston

The latest Treasury data shows 261 properties were expected to be bought in Preston with support from the Government's scheme in the year to March — down on 534 the year before.

Under the help-to-buy scheme, the Government tops up buyers' savings with a 25% bonus. The scheme closed for new applicants in November 2019, but 2,036 bonuses have been paid to individual buyers in Preston since its launch.

Married couples or partners can both claim for bonuses from separate ISAs to complete on a single property together. Across the UK, 558,176 property completions have been carried through since the launch of the scheme in December 2015, with 1,567 of them in Preston. First-time buyers in Preston received an average of £1,199 per month on top of their savings. This was lower than the national average bonus of £1,217.

Ben Thompson, deputy CEO at the Mortgage Advice Bureau, said: "We remain hopeful that inflation and interest rates will peak in the next year, upping the pressure on mortgage rates to begin to fall. This should see more buyers using their Lifetime or Help to Buy ISAs to complete their purchases.”

New figures show a new house would cost first-time buyers in Preston around £133,281 in March. This was 9% more than in March 2022, when prices stood at approximately £122,556.

South Ribble

The latest Treasury data shows 265 properties were expected to be bought in South Ribble with support from the Government's scheme in the year to March — down on 450 the year before.

Under the help-to-buy scheme, the Government tops up buyers' savings with a 25% bonus. The scheme closed for new applicants in November 2019, but 2,144 bonuses have been paid to individual buyers in South Ribble since its launch. Across the UK, 558,176 property completions have been carried through since the launch of the scheme in December 2015, with 1,604 of them in South Ribble. First-time buyers in South Ribble received an average of £1,200 per month on top of their savings. This was lower than the national average bonus of £1,217.

New figures show a new house would cost first-time buyers in South Ribble around £179,299 in March. This was 9% more than in March 2022, when prices stood at approximately £164,938.