The government has confirmed the regional price caps that the Help to Buy scheme will incorporate from April 2021 to March 2023 as well announcing further reforms.

The caps have been calculated by taking the average price for first-time buyers in each region plus 50 per cent, which the government says ensures availability for the scheme.

The regional caps are as follows: In the North East, the cap will be set at £186,100; in the North West, £224,400; in Yorkshire and the Humber, £228,100, in the East Midlands, £261,900; and in the West Midlands, £255,600.

Meanwhile, in the East of England the regional cap will be set at £407,400, in the South East, 437,600, in the South West, £349,000, and finally, in London, £600,000.

Further reforms revolve around new regulations that builders will be required to follow. These including having to adjudicate with the New Homes Ombudsman, making Home Builders Federation star ratings clear in all communications and sales collateral, adhering to new energy rating rules and for ground rent on leasehold properties sold through HTB to be restricted to a peppercorn rent.