George Osborne’s recent Budget should make it easier than ever for first-time buyers to own their own homes. He offered a big cash boost to those who need to get a deposit together.

As part of the Budget 2015, the Chancellor of the Exchequer unveiled plans to allow first-time buyers to make use of Help to Buy ISAs in a bid to combat common problems faced by individuals and families, such as low interest rates affecting savings and the need to have a relatively high deposit in order to secure a mortgage from the banks.

The initiative will mean that the government will top up every £200 that first-time buyers manage to save for a deposit with an additional £50. Mr Osborne said that the current deposit needed by first-time buyers in Britain amounted to an average of £15,000, but the new scheme would mean that would-be homeowners will only need to save £12,000 and the extra £3,000 needed to get them on the property ladder would be provided by the government.

The Help to Buy ISA should be on offer by autumn of this year and aims to effectively follow up on the Help to Buy scheme, which was introduced in phases during 2013. April saw the start of a much-publicised shared-equity deal, followed by October’s release of the loan-guarantee offer. Both of these measures have already helped countless individuals and families in Leicester and across the country achieve their dream of owning their own home.

New ISA accounts will be on offer over a four-year period. Once open, they can be used for a unlimited amount of time. It will be possible for first-time buyers to make a starting deposit of £1,000, along with their usual monthly savings. There will be no minimum amount that can be saved each month, although the government has said that there will be a £200 limit set on monthly deposits. Each person within a household will be able to hold an account, however, meaning that people buying a property together can receive more than one cash boost.

The government’s bonus can be used for purchases of homes up to a value of £450,000 in the London area and on those worth a maximum of £250,000 outside the capital. Experts expect that the Help to Buy ISAs will be most useful to people in the Midlands and the north of England, where property prices are lower than they are in southern areas.

If you need any help or guidance to secure your first home, talk to the property experts at Keywest.