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This petition was submitted during the 2019 to 2024 Parliament

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Closed Increase the LISA £450,000 first time buyer price cap in line with house prices.

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Increase the price cap of £450,000 for first time buyers hoping to take advantage of using their LISA contributions towards their first home. The price cap (Set in 2015) has been frozen since its introduction and should be increased in line with the increase in house prices we've seen since then.

Its becoming harder and harder for first time buyer to get on the property ladder in the UK, made even harder by inflation, cost of living crises, fuel poverty and the fear of recession. UK house prices have increased by at least 23% since the LISA product was launched. The £450k limit has remained unchanged for the last 7 years while potential first time buyers saved for their first home through an LISA. A useful tool with increasingly unrealistic restrictions. This cap should be nearer £560,000.

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    This petition will stay open until 21 March 2023.