Question to the HM Treasury:
To ask the Chancellor of the Exchequer, whether he has plans to review the help-to-buy ISA threshold in the context of rising house prices, particularly in tourist destinations such as Cornwall.
The Help to Buy: ISA scheme aims to help those struggling to save enough to get onto the housing ladder. The property price cap of £250,000 for those properties outside London (£450,000 within London) therefore allows the Government to target support at the people the scheme is intended to help.
The latest statistics show that since the scheme was launched in 2015, 460,567 property completions have been supported through the scheme with a mean property value of £175,680, compared to an average first-time buyer house price of £228,627. The Government keeps all aspects of savings policy under review.