Increase the value of the property you can buy with a Lifetime ISA to £550k

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Petition Action

Increase the value of the property you can buy with a Lifetime ISA to £550k

Petition Details

You can currently use a lifetime ISA to buy a property of up to £450,000. This price was set at the creation of the ISA over 5 years ago. Property prices have increased significantly since then, especially during the pandemic, and the lifetime ISA purchase price needs to as well.

Additional Information

Maintaining the current cap forces many first time buyers to buy a property of lower value, quality and size than they would have originally aimed to do when signing up for the scheme.

They are now locked in as they risk a 25% penalty if they withdraw from their lifetime ISA for a property that more reflects the market.

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