Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he plans to increase Help to Buy LISA caps in line with inflation.

There are currently no plans to increase the property price cap for the LISA or Help to Buy ISA. Data from the latest UK House Price Index shows that the average price paid by first-time buyers remains below the Lifetime ISA property price cap in all regions of the UK except London, where the average price paid is affected by some boroughs with very high property values. The £250,000 price cap for the Help to Buy ISA outside of London remains higher than the average property price paid by first-time buyers outside London. For first-time buyers purchasing a property above the LISA property price cap £450,000, we have reduced the withdrawal charge to 20%, removing a barrier for first-time buyers and helping them use their savings to get onto the property ladder.