A total of 106,612 property completions have been supported by the Help to Buy: ISA since the scheme’s launch in 2015, with a total of 143,894 bonuses having been paid, new data has revealed.

HM Treasury’s latest Help to Buy: ISA scheme Quarterly Statistics report shows that the average bonus value is £725.

The mean value of a property purchases through the scheme is £171,648 compared to an average first-time buyer house price of £190,679 and a national average house price of £226,367. The median age of a first-time buyer in the scheme is 27 compared to a national first-time buyer median age of 30.

CEO of peer-to-peer lending platform ArchOver Angus Dent said “simply putting money into an ISA is no longer the safety net it once was” however.

“Savers are taken in by the promise of free money, but sticking with the status quo means their return on investment is rock bottom,” he said.

“However, ISAs can be a good introduction to alternative options that really do bear fruit. Instead of standing by while their money stagnates in a traditional ISA, savers can experiment with investing in stocks and shares ISAs and even peer-to-peer – all with a tax-free wrapper.

“But to enable UK savers to make the most of their money, we need to arm them with up-to-date knowledge on the risks and rewards. Savers have long seen ISAs as a ‘safe option’ – but this isn’t for everyone. Those looking for potentially stronger returns should look to diversify their savings through alternative investments. Get it right and real-term savings losses can be counterbalanced with higher yields, without savers losing out.

“Putting your spare cash into ISAs and a traditional savings account is not the only way to save. Instead, savers looking for greater returns should be bold and branch out to make their money work for them.”

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