A quarter of a million first time buyers, more than half of whom are aged 30 and under, have opened a Help to Buy: ISA since the government’s landmark scheme launched on 1 December 2015. This is equivalent to 1 person opening an account every 30 seconds, or over 3,000 a day.

The first homebuyers have also claimed their Help to Buy government bonus this week, which means the new Help to Buy: ISA is already helping first time buyers onto the housing ladder.

The Chancellor made these announcements while visiting a Persimmon housing development in Sandbach, Cheshire, which provides new-build homes that are available through the government’s Help to Buy scheme. Over 25,000 people have taken out a Help to Buy: ISA in the North West of England.

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Chancellor of the Exchequer, George Osborne said:

“It’s great to visit a Persimmon housing development in Cheshire to see first-hand how the government’s landmark Help to Buy schemes have helped over 13,000 people in the North West achieve their dream of home ownership.

“Last year I announced further help for first time buyers with the new Help to Buy: ISA and I’m delighted that a quarter of a million people have already taken advantage. It is all part of our plan to back working people who are doing the right thing and saving for their first home.”