Financial data group Moneyfacts has called for reforms to support first-time buyers, stating that existing schemes have not kept pace with rising property prices. This comes ahead of Chancellor John Healey’s first Budget on 28 October.
Rachel Springall, Finance Expert at Moneyfacts, noted that the house purchase cap on Lifetime ISAs has remained unchanged since 2017. She suggested discussions have taken place regarding a new ISA for first-time buyers and proposed allowing temporary, penalty-free access to existing Lifetime ISA funds.
Springall also indicated that taxation will be a significant topic leading up to the Autumn Budget. She mentioned that existing plans, such as the inclusion of unused pension pots in inheritance tax liabilities from April 2027, are set to transform estate planning.