PARLIAMENTARY DEBATE
Treasury - 13 May 2026 (Commons/Written Corrections)
Debate Detail
Contributions from Lucy Rigby, are highlighted with a yellow border.
The following extract is from Topical Questions to the Treasury on 28 April 2026.
Sarah Olney
More than 1.3 million people use lifetime ISAs to save for their first home. The property cap of £450,000 has been frozen since 2017, despite rising house prices, but those buying their first home over that threshold face a 25% penalty. First-time buyers across London are disproportionately affected. Data from February this year showed that the average price paid by a first-time buyer in London was £463,000. Can the Chancellor tell us how she is ensuring that first-time buyers in London are not unfairly disadvantaged by using this saving scheme?
Lucy Rigby
The Government are committed to making the aspiration of home ownership a reality for as many people as possible, and we recognise that the LISA is not working for everyone. That is exactly why we have launched a short consultation on the implementation of a new ISA product that will support more first-time buyers.
[Official Report, 28 April 2026; Vol. 784, c. 736.]
Written correction submitted by the Economic Secretary to the Treasury, the hon. and learned Member for Northampton North (Lucy Rigby):
[Official Report, 28 April 2026; Vol. 784, c. 736.]
Written correction submitted by the Economic Secretary to the Treasury, the hon. and learned Member for Northampton North (Lucy Rigby):
Lucy Rigby
The Government are committed to making the aspiration of home ownership a reality for as many people as possible, and we recognise that the LISA is not working for everyone. That is exactly why we will launch a short consultation in early 2026 on the implementation of a new ISA product that will support more first-time buyers.
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