Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of increasing the Lifetime Individual Savings Account first home property value limit in line with average house prices on the level of house purchases by first time buyers.

The Government is committed to supporting people of all incomes and at all stages of life to save, and to making the aspiration of home ownership a reality for as many households as possible.

Data from the latest UK House Price Index demonstrates that, although the average price paid by first-time buyers has increased, it is still below the LISA property price cap in all regions of the UK except for Inner London, where the average price paid is affected by Boroughs with very high property values.

The Government keeps all aspects of the savings tax regime, including the merits of increasing the LISA property value limit, under review.