Help to Buy Scheme

Treasury written question – answered on 20th September 2022.

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Photo of Mike Kane Mike Kane Shadow Minister (Transport)

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.

Photo of Andrew Griffith Andrew Griffith The Financial Secretary to the Treasury

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/

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