LISA0089

Written evidence submitted by Anonymous

I have had a LISA account since May 2020. My husband and I have lived in London since we were small children and our extended families are here as well. I don't have the luxury of wealthy parents or family inheritance to help me by a house. The LISA seemed like an amazing way to start saving for a house deposit. However, as the years have gone on and the house prices (particularly in London) have skyrocketed, the dream of owning a house in London, the city I grew up in, feels further and further away. The £450K price cap means that I will almost certainly have to forfeit 25% of the money I have worked hard to save. My husband and I are trying for a baby, and I work from home. This means we need a 3 bedroom property which will be almost impossible to find with that cap in mind. I want to live near my family support system and don't want to be driven out of London just because of the price cap. I've continued to use my LISA, in the hopes of the cap being abolished as it is clearly an unfair policy. Please abolish the cap, or at least increase it to match average house prices in London. This will mean the world to my family as we are looking to buy a property in the next few years. The LISA was put in place to support first time buyers, but has ended up punishing them. Please please reform the LISA with first time buyers in the forefront of your minds.

January 2025