LISA0142

Written evidence submitted by Anonymous

We are first time buyers who got a LISA product each around 2017. House prices in our area of Sheffield have doubled, leading to us being priced out of our life savings, if we want to live an area with good or outstanding school results.

If we didn't want a child we would able to stick to the £450 000 limit.

We do not understand why we are being penalised as first-time buyers.

As we have lost access to over £50 000 of our life savings as a result, my boyfriend has been forced to take money out of his UK-based business to cover the shortfall. He will therefore pay less tax as a result. Using our savings would cost us £15 000 in penalty charges.

We are now racing to complete the sale before the end of March or we must pay an additional £10 000 in stamp duty.

We do not understand why the housing market is being suppressed when there is so little GDP growth and we are on the verge of a recession.

I have raised the matter with my MP Abtisam Mohammed.

Why shouldn't we be able to use our life savings to buy our first home?

What right does anyone else have over how we spend our hard earned savings?

Why are we forced to buy and sell a home to get the home we want?

We request that the LISA limit is raised in line with house price growth. This has been given as 35% which would raise the limit to £607 000.

February 2025