LISA093

Written evidence submitted by Anonymous

It has been well documented that the maximum threshold that a LISA can be used for on the purchase of a property is not sufficient.

The 450,000 cap for first time buyers, in many parts of the country is not prohibitive.

But I live in London. And have done for nearly twenty years. My life is here. My work, my family, my support. I have worked bloody hard for years to try and save up for a property.

I took up the option of a LISA in 2017, in good faith that it would assist me in getting on the property ladder. But finding suitable, affordable property in London, is increasingly difficult. The market is outrageously over-inflated and the LISA restrictions prevent me from using my money on anything over 450,000. I have a partner and we plan to have a child. In generations past, options would be available to us.

Garages are being sold for over £100,000 in London. The market is out of control and for first time buyers like myself we are being badly let down by the government’s failure to increase the threshold to £550,000 in line with property inflation. Two bed houses in zone 3 routinely are on the market for more.

I am 40. I have contributed taxes all my adult life. And saved for a home. Now is the time for me and my partner to do, before we start a family. But unless we live in area we don’t want to be, away from work, family and friends and support, we cannot purchase a property.

Please explain to me the oversight in this gross unfairness. The LISA started 7 years ago. It needs updating because you are trapping people in a system they cannot escape from.

Giving those savings back to HMRC would be unthinkable for me. I feel betrayed by the system And I am not alone. It needs to be changed. Now.

January 2024