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Support for savers a welcome boost for house buyers in Thame

Measures unveiled in this week’s Budget offer house buyers in Thame cause for optimism, according to Bloor Homes South Midlands.


General

A new Lifetime ISA and a new National Savings and Investments bond will both be launched in April, the Chancellor Philip Hammond announced on Wednesday.

The Lifetime ISA (LISA) will enable people aged between 18 and 40 to save up to £4,000 a year tax free and earn a 25 per cent bonus to buy a home or use as a pension after the age of 60. 

The new National Savings and Investments bond will enable customers to save between £100 and £3,000 over three years and will pay a market-leading interest rate of 2.2 per cent.

In a further boost to savers, Mr Hammond also reaffirmed the Government’s commitment that the income tax threshold, the amount of money an individual can earn before paying tax, will rise to £12,500 by 2020.

Vanessa Macnee Regional Sales Director at Bloor Homes South Midlands said: “Although the Chancellor’s message in this Budget was very much about the importance of balancing the books, there were still a number of positive announcements for people saving up to buy their own home.

“The Lifetime ISA is a welcome development as it enables people to save up to £4,000 a year towards a deposit, a significant increase on the maximum figure of £2,400 they can currently put aside in a Help to Buy ISA.

“The increase to the tax threshold and the new National Savings and Investments bond are also positive measures for potential home buyers and savers more generally.

“The Government has already shown its commitment to supporting those looking to get on or move up the property ladder through the extension of the successful Help to Buy equity loan scheme, and it is encouraging to see it take further steps to help people achieve their dream of owning their own home.”

Bloor Homes is currently building new homes at developments across the South Midlands region, including Thame Meadows in Thame. 

Thame Meadows is a stunning new development, currently offering a mix of five bedroom designs from £875,000 to £910,000.

For more information on the homes and incentives available, please visit the sales centre on Oxford Road, Thame, OX9 2DA. Alternatively contact the sales advisor on 01455 819 743 or visit https://bloorhomes.com/developments/south-midlands/thame-meadows.