The Lifetime ISA was introduced by the government to help first time buyers to get onto the property ladder. When it was introduced there was a limit on the value of the property (which meant that the property had to be worth less than £450k).

However, since then property values have increased dramatically but the limit of £450k has remained. This had led people to have 10s of thousands of pounds locked up in a scheme that was designed to help people. Especially in London, it is becoming almost impossible to use the LISA towards the purchase of people's first home.

The government urgently need to look at either removing this limit or increasing it in line with regional house prices to prevent young people being punished for attempting to prepare for their futures.