Martin Lewis tells UK households to act over £450k 'property cap'
The renowned financial expert and TV personality Martin Lewis has issued a warning to UK households considering purchasing properties valued at £450k. Amid the ongoing Cost of Living crisis, the BBC Sounds and ITV star took to Twitter to alert his followers about the Lifetime ISA.
Mr Lewis posted: "Do you have (or have had) a Lifetime ISA? If so, especially if you worry about the £450,000 property cap please would you take a couple of minutes to answer our policy research survey."
The survey elaborates: "We want to hear from people who have a Lifetime ISA or who had one in the past. We hope to use this information to support our campaigning on the Lifetime ISA. The answers you provide are anonymous and individual responses won't be shared. This short survey will take less than five minutes."
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One social media user responded with their concerns: "My main worry is that I'll find a partner who already owns a flat and would therefore take an enormous financial hit through no fault of own."
To which Mr Lewis replied: "As a) You wont buy a flat, in which case yes you would or b) as you'd later buy together, in which case you can still use the LISA (as long as property is under threshold) and get the bonus."
Another user voiced their worries: "I live in London and only apartments are affordable at the £450K cap. A decent apartment (e.g. energy-efficient, quiet neighbourhood) hovers around £450K. My concern is that when interest rates decrease (and prices increase), buying an apartment in London will be infeasible."
Another posted: "House price in my area was capped at 250k, relatively useless. Seems like it's London & Everywhere else just like most things... Doesn't meet it's intended purpose." Another said: "Probably would have done had I not been as old as I am -59. But it does need some fixing re the cap."
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