Question to the HM Treasury:

To ask the Chancellor of the Exchequer, with reference to the Answer of 21 April 2022 to Question 154169 on Help to Buy Scheme, what steps he plans to take to ensure that people are able to use their investment in a Help to Buy ISA in (a) York and (b) other areas where housing costs exceed the £250,000 threshold, including properties that are designed for first time buyers.

As first-time buyers tend to buy smaller (and therefore cheaper) properties, the Help to Buy: ISA 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. [Over the past year, 94k property completions have been supported by the scheme, including 17k in the Yorkshire and Humber].

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/