The Building Society Association has expressed disappointment that the Autumn Statement made no mention of changes to Lisa limits.

There had been hopes that the Chancellor would respond to calls to raise the limit on the price of a property you can buy with a Lisa.

Runaway house price rises over the past five years have rendered the £450,000 limit much less generous than it was back in 2018.

UK property prices have increased by a third and the £450k property purchase cap is problematic in many parts of London and the South East.

BSA chief executive Robin Fieth said: “We welcome the initiative to simplify ISAs but are disappointed there were no changes announced to reduce the Lifetime ISA penalty or to raise LISA and Help to Buy ISA property price thresholds, which we have long been calling for” .

On housing and planning reforms, Fieth welcomed the measure to support housing in the Autumn Statement, though insisted there needed to be a long-term government plan and a firm commitment to resolve the housing supply conundrum, to support first-time buyers onto the property ladder and to ‘green’ our homes, both new builds and existing properties.

“I would urge the Prime Minister to recognise the importance of strong and effective housing policy for the nation by promoting the housing minister to Secretary of State for Housing. Creating a cabinet position would help the minister deliver on his priorities with the necessary support that is required from across government departments.”

On the whole, Fieth is encouraged by the extension of the Mortgage Guarantee Scheme to June 2025:

“Supporting first time buyers onto the property ladder is a key requirement for an active housing market. The extension of the 95% mortgage guarantee scheme is therefore a welcome move by the Chancellor, and whilst the numbers are small, the scheme gives confidence to the market and ensures competition remains in the low deposit mortgage space.”