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.
Since the scheme launched in 2015, 386,728 property completions have been supported through the scheme with a mean property value of £174,531 compared to an average first-time buyer house price of £210,727.
The Government keeps all aspects of savings policy under review.