The £450,000 maximum property price for the Help to Buy ISA and Lifetime ISA has not increased since the schemes were introduced, despite average property prices rising each year.
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The Government should increase the maximum price threshold to match the price cap on the Help to Buy Equity Loan scheme - £600,000.
In December 2020 the average first time buyer purchase price in England was £224,560 - almost 10% higher than 5 years ago. If the ISA price cap had increased at the same rate they would now be around £500,000.
The price cap is particularly restrictive in London, with the average first time buyer price in parts of the capital being £489,000 - £39,000 more than the current cap. This means that many first time buyers can be forced to abandon claiming their bonus or face limited choice in an already tough market.