The UK government has published regional property price caps for its new “Your First Home” scheme, a government-backed programme designed to help first-time buyers onto the property ladder. The scheme is expected to open for applications in February 2027, with the first completions following in April.
Under the scheme, eligible buyers can purchase a newly built home with a deposit of at least 2.5%, a repayment mortgage from a participating lender, and a government equity loan worth 20% of the purchase price, interest-free for the first five years.
Price caps vary by local authority area. Buckinghamshire’s cap has been set at £430,000, above many areas of England but below the country’s most expensive markets. The highest caps, £650,000, apply across several London boroughs, including Westminster, Kensington and Chelsea, Camden, Islington and the City of London. The lowest cap in England, £215,000, applies in North Lincolnshire.
To qualify, applicants generally need to be first-time buyers, purchasing a new-build property within their local price cap as their main residence, with a total household income of no more than £110,000 outside London or £140,000 within London, and the ability to secure a mortgage from a participating lender.
Aneisha Beveridge, research director at Connells Group, said the caps “should give would-be first-time buyers access to a choice of both flats and smaller houses in most areas, ensuring healthy take-up of the scheme.”
References
Yahoo News UK – Buckinghamshire cap confirmed as Government unveils homebuyer scheme
