Unlike Help to Buy, when price caps were issued by region (see table), Your First Home maximum purchase values have been calculated at a local authority level except Inner and Outer London, which have been set at £650,000 and £500,000 respectively.
More than 40% of the Your First Home price caps are lower than the previous regional cap. Gosport in the South East, for example, is set at £225,000, some 49% lower than its former regional cap of £437,600. By contrast, Guildford – in the same region – is 15% higher than the former regional cap, at £505,000.
Of the 64 local authorities within the South East region, 49 have been handed a cap lower than the original regional limit.
The South West has the second-biggest proportion of local authorities with a lower price cap than previously set, at 63%.
The North East is the only region to have no local authorities with a lower price cap than under the Help to Buy scheme.
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Outside of London, the highest price caps have been handed to Broxbourne (£530,000), St Albans (£515,000) and Cambridge (£505,000), all in the East of England, as well as Guildford (£505,000) and Bracknell Forest (£500,000) in the South East.
The lowest price cap of £215,000 is in North Lincolnshire.
The government said the caps are based on local authority median prices, with the intention of supporting purchases of modest homes and to reflect differences between local housing markets.
The full list of the price caps is available here.
| Region | Help to Buy price cap (2021-23) |
|---|---|
| North East | £186,100 |
| North West | £224,400 |
| Yorkshire and the Humber | £228,100 |
| East Midlands | £261,900 |
| West Midlands | £255,600 |
| East of England | £407,400 |
| London | £600,000 |
| South East | £437,600 |
| South West | £349,000 |
