Closed petition Raise the property price cap for using a Lifetime ISA to buy a home

Closed on 12 April 2023

Raise the £450,000 limit, set in 2017, in line with inflation and soaring house prices. House prices have risen significantly (circa 23%) since the threshold was set in 2017 and 1st time home owners, who were encouraged by the Government to set the ISA up, are now being priced out of the market.

It isn't fair that the cap hasn't kept up with soaring inflation and house prices. This is particularly restrictive in London, with rising rent prices meaning it is taking longer to save so buyers are often older with families. Many buyers now face the choice of incurring massive penalties by exiting the scheme or extremely limited choice in an already tough market. The scheme isn't fit for purpose and the cap on property prices that this ISA can be used for needs to be reviewed urgently.