How to get the LISA fit for purpose

LURB

Hi all. Both my kids have a LISA but I’m starting to wonder if they will be any use. House prices keep going up but the upper limits on purchase price on the LISA hasn’t changed. How can we get this updated?

p00hsticks

LURB said:

Hi all. Both my kids have a LISA but I’m starting to wonder if they will be any use. House prices keep going up but the upper limits on purchase price on the LISA hasn’t changed. How can we get this updated?

Try writing to your MP to see what they say ?

eskbanker

Much will depend on your definition of 'fit for purpose' - according to https://www.statista.com/statistics/557882/first-time-buyer-average-house-price-by-region-uk/

The average house price for first-time home buyers in the United Kingdom (UK) was over 264,000 British pounds in 2021, which was a slight increase of three percent from the previous year. In London, which is the most expensive region for housing in the UK, house prices decreased slightly from approximately 489,000 British pounds in 2020 to 476,000 British pounds in 2021. In Wales, on the other side, there was an increase of approximately nine percent and the average sales price reached over 180,000 British pounds in 2021, up from 147,000 British pounds in 2020.

so those looking to buy in London would undoubtedly struggle to find somewhere within LISA range, but everywhere else it should be adequate, based on 2021 prices (which will be a bit out of date) and recognition of the fact that the scheme is targeted at those needing assistance with their first property purchase, rather than those looking further up the ladder at more expensive properties.

masonic

It would be better to adjust overpriced housing than LISA limits, and the economic headwinds we face might just do that.