(2 days, 13 hours ago)
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Sarah Olney
More than 1.3 million people use lifetime ISAs to save for their first home. The property cap of £450,000 has been frozen since 2017, despite rising house prices, but those buying their first home over that threshold face a 25% penalty. First-time buyers across London are disproportionately affected. Data from February this year showed that the average price paid by a first-time buyer in London was £463,000. Can the Chancellor tell us how she is ensuring that first-time buyers in London are not unfairly disadvantaged by using this saving scheme?
Lucy Rigby
The Government are committed to making the aspiration of home ownership a reality for as many people as possible, and we recognise that the LISA is not working for everyone. That is exactly why we have launched a short consultation on the implementation of a new ISA product that will support more first-time buyers.
[Official Report, 28 April 2026; Vol. 784, c. 736.]
Written correction submitted by the Economic Secretary to the Treasury, the hon. and learned Member for Northampton North (Lucy Rigby):
Lucy Rigby
The Government are committed to making the aspiration of home ownership a reality for as many people as possible, and we recognise that the LISA is not working for everyone. That is exactly why we will launch a short consultation in early 2026 on the implementation of a new ISA product that will support more first-time buyers.