Bristol saw a 51% year-on-year (YoY) increase in house purchases using Lifetime ISA (LISA), according to Moneybox data.
Bristol ranked highest among the top LISA homebuying hotspots in the UK, followed by Manchester and Belfast.
London also recorded a 49% rise in LISA-enabled home purchases.
Moneybox LISA savers withdrew £13,500 on average from their LISA to facilitate their house purchase in 2023, which included an average Government bonus of £2,500 and they paid £270,000 on average for their first home.
The average house price paid by Moneybox LISA savers in the top 10 regions was £270,000.
The average withdrawal amount was £13,548, with an average Government bonus of £2,613.
Cecilia Mourain, chief homebuying and savings officer at Moneybox, said: “Our data clearly shows just how valued the LISA is by UK savers.
“Not only has this fantastic savings product helped hundreds of thousands of savers get onto the housing ladder, but many have done so much sooner than would otherwise have been possible.”
Mourain added: “The wider societal benefits of LISAs cannot be underestimated either.
“By enabling more people to get on the property ladder earlier and supporting their long-term savings, the LISA plays a critical role in promoting financial security and wealth creation across the UK.”
Brian Byrnes, head of personal finance at Moneybox, said: “For decades, homeownership has been viewed as the cornerstone of financial stability and one of the most effective ways to accumulate wealth due to the potential for equity growth over time.
“At Moneybox we believe, and see in our data, the positive savings habits that the LISA helps to build and embed—laying the foundation for long-term wealth building.”
Byrnes added: “To ensure its continued success, we believe future-proofing the LISA is essential.
“Doing so would give the next generation of first-time buyers the confidence and flexibility they need to save for their first home and beyond.”
