Bristol has been named the number one hotspot for first-time buyers using Lifetime ISAs (LISA) for the third consecutive year, according to Moneybox, a leading provider of LISAs.
The vibrant city saw a 13% year-on-year increase in LISA-enabled house purchases, with an average property price of £314,307 for first-time buyers.
Manchester, Sheffield, Birmingham, and Edinburgh complete the top five LISA hotspots, with Moneybox reporting a 21% increase in LISA accounts opened in Q1 2023 compared to the same period last year.
Cecilia Mourain, MD of Moneybox Home-buying, said: “There can be no doubt just how invaluable the Lifetime ISA has been, encouraging young savers to plan for their future and build positive saving habits early in life, resulting in many thousands being able to buy their first home far sooner than would otherwise have been possible.”
Since its launch in 2017, over 118,000 homes have been bought using a LISA, and Moneybox data shows that people are now starting to save with the Lifetime ISA earlier in life, with the average age of LISA account holders dropping from 29 in 2017/2018 to 26 currently.
