Question to the HM Treasury:

To ask His Majesty's Government what plans they have to raise the £410,000 Lifetime ISA (LISA) limit to £607,500 to reflect average house price growth in the UK since 2017.

The Government is committed to supporting people of all incomes and at all stages of life to save, and to making the aspiration of home ownership a reality for as many households as possible.

The Lifetime ISA is intended to support younger people saving for their first home or for later life by offering a generous government bonus of 25% on up to £4,000 of savings each year. These funds, including the government bonus, can be used to purchase a first home up to the value of £450,000.

The Government keeps all elements of the Lifetime ISA under review, as it does all aspects of the tax system.