PARLIAMENTARY WRITTEN QUESTION
Help to Buy Scheme: Individual Savings Accounts (15 March 2023)

To ask the Chancellor of the Exchequer, if he will make an assessment of the potential benefits of greater flexibility in the Help to Buy ISA scheme outside London to take account of regional house price variations.

Asked by:
Mohammad Yasin (Labour)

While the Government keeps all aspects of savings policy under review, first-time buyers tend to buy smaller lower priced first properties. The Help to Buy: ISA’s property price cap of £250,000 for properties outside London (£450,000 within London) therefore allows the Government to target support more precisely at the people the scheme is intended to help. Since its launch in 2015, the scheme has supported 531,507 property completions across the UK, with a mean property value of £176,828 compared with an average first-time buyer house price of £245,350.

Further information on the Government’s home purchase support schemes can be found at: https://www.ownyourhome.gov.uk

Answered by:
Andrew Griffith (Conservative)
22 March 2023