To ask the Chancellor of the Exchequer, if he will make it the policy of the Government to raise the maximum purchase price of a house outside London which is eligible for purchase by people using the Help to Buy ISA.
27 April 2021
The Help to Buy: ISA scheme aims to help those struggling to save enough to get onto the housing ladder. The property price cap allows the Government to target support at the first-time buyers who need it the most. The scheme includes a higher property value cap of £450,000 for properties in London compared to £250,000 anywhere else in the UK.
The latest statistics show that since the scheme was launched in 2015 359,250 property completions, including more than 25,000 completions in London, have been supported through the scheme with a mean property value of £174,281 compared to an average first-time buyer house price of £204,964 and a national average house price of £244,513. The Government keeps all aspects of savings policy under review.