Bristol takes the crown for the savviest first-time buyers in the UK, leveraging the Lifetime ISA (LISA) scheme to amass the highest average savings. Data from Moneybox reveals that these buyers saved an average of £15,750 in 2024 through LISAs, boosted by a government bonus of £2,895, enabling them to purchase properties valued at £315,413. Other cities seeing significant success with LISAs include Manchester and Belfast.
First-time property buyers in Bristol have been recognised as the most savvy in the UK, making the highest average savings by fully capitalising on the government's Lifetime ISA scheme.
Manchester's first-time buyers were the second most successful, saving an average of £14,985 towards deposits on properties valued at £266,811, and receiving an additional government bonus of £2,777. HMRC's latest statistics show that 1.5 million UK savers are currently utilising LISAs, with a staggering 78% primarily using them for house deposits, although it is also available for retirement savings.
"The government bonus is a game-changer," commented Brian Byrnes, head of personal finance at Moneybox, which has assisted a million LISA savers since its launch in 2017, " providing a significant boost to young savers and helping them develop positive habits early in life."
LIFETIME ISA SAVINGS PROPERTY FIRST-TIME BUYERS UK
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