Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what assessment she has made of the potential impact of the 25% withdrawal penalty on Lifetime ISAs on the level of first-time buyers purchasing a property valued marginally above the £450,000 cap.

The Lifetime ISA (LISA) is designed to help people buy their first home or save for later life. You can withdraw funds (plus a government bonus) to buy a first home under £450k, from age 60, or if terminally ill.

Data from the latest UK House Price Index shows that while 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 London, where the average price paid is affected by boroughs with very high property values.

This Government is committed to helping first time buyers own their own home and will do this by building 1.5 million more homes.

The Government keeps all aspects of savings tax policy under review.