You might be surprised to hear that January is a buoyant time for the housing market. Rightmove, who had over a million visitors to their website on Christmas day 2014, say that on the first working day of January 2015 nearly three million people visited their website looking for property.
"It is hoped that the Government’s Help to Buy ISA initiative will continue that trend and set the scene for another busy year in the property market," says Head of Conveyancing, Clare Hallett.
The Chancellor’s Help to Buy ISA which was announced by George Osborne last March has finally been kicked into life. This will give savers £50 for every £200 that they save – up to £12,000. It will provide a government bonus up to a maximum of £3,000. However, there are some catches – only a lump sum of £1,200 may be deposited and then up to £200 a month thereafter (even if you then withdraw it). You must have at least £1,600 in your account before you can start claiming your rewards.
It is possible to earn more than the bonus of £3,000 that is on offer from the government. If you are buying a house with a partner or friends each member of the ‘household’ is allowed to open their own Help to Buy ISA. You will be eligible for £6,000 as long as you are both first time buyers. You will not be eligible for this scheme if you already own property. You must be over the age of 16, have a National Insurance number and be a UK resident and you may not hold another cash ISA in the same year. If you are buying in London, to qualify, the property must be below £450,000 and outside the capital it must be worth £250,000 or less.
Our Conveyancing Team, based in Christchurch, also cover Bournemouth, Poole and the New Forest. For a free initial chat, please call 01202 499255 and Clare or a member of the team will be happy to discuss any questions that you may have.