Individual Savings Accounts: First Time Buyers
The question
To ask the Chancellor of the Exchequer, what assessment she has made of the potential merits of increasing the Lifetime ISA property price limit above the current £450,000 threshold for first‑time buyers.
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 (Individual Savings Accounts) 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.
As of 2024/25 there were over 1.3 million LISA accounts open and, since its introduction in 2017, the LISA has helped 314,600 people purchase their first property.
The Government keeps all aspects of savings tax policy under review.
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