PARLIAMENTARY WRITTEN QUESTION
Help to Buy Scheme (2 September 2022)

To ask the Chancellor of the Exchequer, whether his Department plans to review the Help to Buy ISA maximum level which was set at £250,000 for properties outside London back in 2015, given the rise in the average costs of property.

Asked by:
Mike Kane (Labour)

As first-time buyers tend to buy smaller (and therefore cheaper) properties, the Help to Buy: ISA’s property price cap of £250,000 for properties outside London (£450,000 within London) allows the Government to target support more precisely at the people the scheme is intended to help.

While the Government keeps all savings policy under review, individuals with a Help to Buy: ISA can transfer their savings to a Lifetime ISA without incurring any penalties. The Lifetime ISA allows first-time buyers to benefit from the Government bonus when purchasing properties up to £450,000 anywhere in the UK.

Further information on the Lifetime ISA together with a comprehensive list other forms of home purchase support schemes can be found on the Government’s website below:

https://www.ownyourhome.gov.uk/

Answered by:
Andrew Griffith (Conservative)
20 September 2022