Martin Lewis urges residents living in houses worth under £450,000 to act
Money Saving Expert Martin Lewis has warned UK households wanting to buy homes worth £450,000. The BBC Sounds and ITV star has sounded the alert over the Lifetime ISA with his Twitter/X users and followers amidst the ongoing Cost of Living crisis.
Taking to Twitter, Mr Lewis shared: "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's purpose was outlined as follows: "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."
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He assured potential participants that "This short survey will take less than five minutes."
In response to a social media user's concern about the financial impact of finding a partner with property, Mr Lewis clarified: "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,", reports Birmingham Live.
Another individual expressed worries over the London housing market, stating: "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 and 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."