First Time Buyers
The question
To ask the Chancellor of the Exchequer, if she will consider increasing the £450,000 cap for buying a first property with a Lifetime ISA in line with property price inflation.
Answered by Lucy Rigby
Data from the latest UK House Price Index shows that while the average price paid by first-time buyers has increased, it is still below the Lifetime ISA property price cap in all regions of the UK except for London, where the average price paid is affected by boroughs with very high property values.
Having a single property cap across the UK simplifies the Lifetime ISA for savers and account providers. However, as with all aspects of the tax system, the Government keeps ISA policy under review.
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