More detail on the Help to Buy ISA has been released, together with some less than enthusiastic reactions.
The government will provide £50 for every £200 someone saves, up to a maximum of government payment of £3,000. People will only be able to use this for a first home, and one that they will live in. It is available for homes worth up to £250,000, or £450,000 in London and the government money only gets handed over at the point the purchase. But a couple buying a home together can both get their £3,000. The Treasury expects 60% of first-time buyers to use the scheme, and by the end of the decade it is expected to cost £835m a year.