IN this week’s budget speech the Chancellor announced a new Help to Buy ISA, specifically to help first time buyers get onto the property ladder.

Mr Osborne explained that this new ISA will combat the problems that occur due to banks requiring high deposits and the current low interest rates for savings.

Antony Gibson, sales director at estate and lettings agent Romans said if you are a first time buyer, and save up to £200 a month towards your first home with a Help to Buy ISA, the Government will boost your savings by 25 per cent. That is a £50 bonus for every £200 you save.

Antony supports the new ISA and encourages everyone who does not yet own a property to look into it sooner rather than later.

He said: “Whether you plan to buy a property this year or in five years’ time, any support from the Government should be welcomed with open arms.

“This ISA will not only help first time buyers save for their deposit, but it will put less pressure on the bank of mum and dad, who I suspect will be encouraging their offspring to open one as soon as possible.

“It will also encourage buyers to start saving sooner rather than later – especially important with the 2014 Mortgage Market Review.”

This ISA will be available by the autumn and follows the Government’s Help to Buy phased scheme.