In 2016 the UK Government launched the Help to Buy ISA for first time buyers through incentivising them to use savings to fund a deposit on a property. The money saved is then boosted by 25% up to a maximum of £3000. In April 2017, the Lifetime ISA was launched. It was launched to replace the Help to Buy ISA (which was closed in Nov 2019). The Lifetime ISA gives a similar 25% top-up from the government towards a First Time Buyer's home purchase, but also gives the flexibility to save the money and the top-up for retirement. The First Homes Scheme was launched in June 2021, which enabled first-time buyers, local people and key workers to purchase a property at a discounted rate.
