Help to Buy Scheme: Individual Savings Accounts

Treasury written question – answered at on 12 October 2022.

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Photo of Gregory Campbell Gregory Campbell Shadow DUP Spokesperson (International Development), Shadow DUP Spokesperson (Cabinet Office)

To ask the Chancellor of the Exchequer, if he will review the qualifying level of housing valuation for Help to Buy ISA's, in the context of increased house prices over the past three years.

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

The Help to Buy: ISA scheme aims to help first time buyers to save enough to get onto the housing ladder. As first-time buyers tend to buy smaller (and therefore cheaper) first properties, the scheme’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. Since its launch in 2015, the scheme has supported 497,940 property completions across the UK, with a mean property value of £176,125 compared with an average first-time buyer house price of £231,704.

While the Government keeps all aspects of savings policy under review, Help to Buy: ISA account holders can transfer their funds 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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