LISA0210

Written evidence submitted by Anonymous

I am a first-time buyer living in Ruislip, London. I am currently private renting with my wife and two small children. My wife and I both have Lifetime ISAs. We have combined savings in the LISA of over £50,000. However, the average house price in our area, or anywhere nearby, is over £450,000, which means we are unable to use the LISA on a suitable property. We are looking for a 2 or 3 bed house to accommodate our family, and almost none come on the market at £450k or less. Our families are both local and our children are settled at school and nursery, so we do not want to leave the area. The LISA cap is not at a suitable level for our area to allow us to purchase our first home. It is also extremely frustrating that we would be charged a fee to remove the funds from our LISAs, to the point that we would actually have less money than we started with over 5 years ago. This does not seem fair at all. I hope you will rectify these issues with the LISA system, which could be of so much benefit to us first time buyers if corrected and is exactly why we invested our money in it in the first place.

February 2025