Submitted by Sam Bush on Sunday 4th July 2021
Published on Friday 9th July 2021
Current status: Closed
Closed: Sunday 9th January 2022
Signatures: 28
Increase the Help to Buy ISA & Lifetime ISA max property price to £600,000
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.
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.
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