I'm currently 22, and I would like to buy a property at some point in 5-10 years, once I can afford the down payment (deposit). I live and work in London England, so for this example, assume my minimum deposit would need to be in the region of £80k-£100k. I save smaller amounts regularly in a Stocks & Shares ISA which is for longer term savings goals, not to accrue funds to purchase a property. This totals about £1,500 per year. Assume I can save an additional £15,000 per year for the purposes of purchasing a property.
I already have ~£50k in low interest savings and current accounts across two high street/consumer companies. These interest earnings are taxed. I am losing real purchasing power due to the current rates of inflation compared to the taxed yield on these accounts.
Where can I put my money to enable me to build the deposit with low risk? Advice for this question targeted towards people in the USA point to Bank CDs (Certificates of Deposits) or zero coupon bonds. Some light research doesn't reveal any similar vehicles easily available to me as an individual investor in the UK - but maybe I'm missing something.
Assume I definitely won't need access to the money for a minimum of 5 years, and that my goal is to maintain or improve real purchasing power over these 5 years.
Update: thank you for the responses so far! Some of them point out the new "Help to Buy ISA", which is suitable for my ongoing deposit savings needs. However, I additionally would be looking for a solution that enables me to transfer my existing savings of ~£50k into a better performing vehicle.