What kind of home can you buy with a lifetime ISA?
When buying your first home with a lifetime ISA, the property you choose can't cost more than £450,000. Can you buy the property you want within this limit?
The 25% government bonus on a lifetime ISA can really help speed up the process of becoming a homeowner.
And, for most people, the £450,000 limit isn't a problem. Average prices of homes across the UK are currently around £290,000 (an average that includes the smallest of studio flats).
But if you're looking to buy your first home in a more expensive part of the UK or want to buy a family home, that limit can be a worry. You might start to think that the lifetime ISA limit is going to stop you buying the home of your dreams in the place your want to live.
But that’s not necessarily the case, that £450,000 budget could get you more than you think!
We’ve looked at some of the most popular cities in the country, including those that made our ‘Best places to live and work in the UK’ list in 2023, and put together some examples* of what you could buy in each place within the lifetime ISA limit.
With a lifetime ISA, you’re not limited to buying a new build, so the properties you’ll see on this list range from minimalist modern apartments to historic houses full of period features.
*listings active on Rightmove as of 3 April 2024
Belfast
Belfast is the capital of Northern Ireland and it ranked 10th on our list in 2023. It has some of the lowest average property prices of all the cities in the top 10.
This means that your lifetime ISA can go a long way if you’re looking to buy in Belfast, especially if you don’t mind being further out from the city centre.
A word of warning though, at the time of searching there were only four houses for sale in Belfast compared to hundreds of apartments, so it’s worth keeping an eye on the property market!
Here's what you could buy in Belfast within the lifetime ISA limit:
House
Size: 3 bedrooms, 2 bathrooms, detached house.
Features: Driveway and rear garden with shed
Location: Ballyutoag Road
Price: £300,000
Flat or apartment
Size: 3 bedrooms, 3 bathrooms, apartment
Features: Private parking spot
Location: Marlborough Park South
Price: £399,950
Birmingham
Birmingham made our list in 2023 as one of the 10 happiest cities to live in in the UK. With a rich industrial and artistic history, there’s something for everyone in Birmingham, and that includes property.
There’s a wide variety of properties for sale in Birmingham, from family homes to modern flats, and most fit within the lifetime ISA price limit.
Here are just two examples:
House
Size: 3 bedrooms, 2 bathrooms, semi-detached house
Features: Front and rear garden, parking for two cars
Location: Bournville Village Trust
Price: £425,000
Flat or apartment
Size: 3 bedrooms, 3 bathrooms, loft apartment
Features: Communal terrace, underfloor heating
Location: Caroline Street
Price: £450,000
Brighton
OneFamily’s hometown ranked 9th on our overall list in 2023 and came out as the happiest city to live in in the UK.
Being close to London and bordered by pebbled beaches can make Brighton one of the most expensive cities in the country.
But we still found many options available within the lifetime ISA price limit, although you might have to settle for the suburbs if you’re looking for a family home:
House
Size: 3 bedrooms, 1 bathroom, terraced house
Features: Rear garden, loft and conservatory
Location: Elm Drive
Price: £450,000
Flat or apartment
Size: 2 bedrooms, 1 bathroom, apartment
Features: Seafront view
Location: Kings Road
Price: £450,000
Bristol
Host to some of the UK’s most exciting cultural hotspots, Bristol ranked fifth on our list in 2023 and took the top spot for career opportunities for under-40s.
Despite the high quality of life Bristol residents report, your money can go a long way when it comes to buying property in the city or its suburbs.
We found a variety of homes for sale in Bristol priced at £450,000 or under, both family homes and city centre flats:
House
Size: 3 bedrooms, 1 bathroom, detached house
Features: Driveway, garage, garden
Location: Worrell Road
Price: £450,000
Flat or apartment
Size: 2 bedrooms, 1 bathroom, apartment
Features: High ceilings, detailed period features, allocated parking, communal garden
Location: Hampton Road
Price: £450,000
Cardiff
The capital of Wales ranked fourth on our list in 2023 for overall satisfaction, which is unsurprising when you look at the variety of properties you can buy within the lifetime ISA price limit.
This is impressive, especially considering the amount of career opportunities and entertainment options available for residents.
Here's what you could use a lifetime ISA to buy:
House
Size: 4 bedrooms, 1 bathroom, terraced house
Features: Front and rear garden
Location: Egham Street
Price: £450,000
Flat or apartment
Size: 2 bedrooms, 2 bathrooms, duplex apartment
Features: Waterfront views, balcony, private parking
Location: Havannah Street
Price: £420,000
Edinburgh
Scotland’s capital and home to some of the most beautiful historic buildings in the country, it’s no surprise that Edinburgh came second on our 'Best places to live and work in the UK' list in 2023 (tied with Liverpool).
It has a vibrant restaurant scene, the biggest art festival in the UK and beautiful natural landscapes close to the city centre, so there’s plenty to do in Edinburgh.
But this comes with a price. In fact, Edinburgh is the most expensive city in Scotland in terms of property prices, but you can still find many properties available within the £450,000 lifetime ISA property price limit:
House
Size: 3 bedrooms, 2 bathrooms, town house
Features: Rear garden, good transport links into the city centre
Location: Quality Street
Price: £445,000
Flat or apartment
Size: 3 bedrooms, 1 bathroom, apartment
Features: Garden, parking, close to Old Town
Location: West Savile Terrace
Price: £450,000
Glasgow
The third most populous city in the UK, Glasgow also made our top 10 in 2023, ranking eighth on our list of best places to live and work in the UK.
It's famous for its architecture and art scene and Glasgow residents were the happiest with their career prospects out of all the cities on our list.
While property prices in Glasgow have been rising in recent years, we still found many beautiful properties within the LISA price limit:
House
Size: 4 bedrooms, detached house
Features: Front and rear garden, new build
Location: Antonine Road
Price: £440,000
Flat or apartment
Size: 2 bedrooms, 2 bathrooms, apartment
Features: Communal gym and lounge, balcony
Location: Lancaster Terrace
Price: £450,000
Leeds
With a vibrant nightlife, plenty of cultural and sports activities to enjoy and a fast-growing economy, there's something for everyone in Leeds.
The city also made our top 10 list for best value-for-money, with an average salary of £35,000 and overall slightly lower property prices than the national average.
This makes Leeds a great place to find your dream home under the £450,000 lifetime ISA price limit.
At the time of searching, we found everything from four-bedroom family homes overlooking the River Aire to modern penthouse apartments with balconies in the heart of the city:
House
Size: 3 bedrooms, 1 bathroom, detached house
Features: Front and rear garden
Location: Swithens Lane
Price: £450,000
Flat or apartment
Size: 2 bedrooms, 2 bathrooms, penthouse apartment
Features: Split over two levels, balcony
Location: Waterloo Street
Price: £450,000
Liverpool
In 2022, Liverpool took the top spot on our list, tying with Edinburgh for second place in 2023. The fifth largest city in the UK, Liverpool has a flourishing economy with plenty of career opportunities.
In our survey, people in Liverpool were the most satisfied with their salaries, especially when compared to the cost of living in the city, and this also applies to property prices.
If you're looking to buy in Liverpool, you'll be pleased to know that the average property price for 2023 is around £90,000 lower than the national average, meaning you can find plenty of homes, both houses and flats, within the lifetime ISA price limit, including:
House
Size: 4 bedrooms, 2 bathrooms, semi-detached house
Features: Rear garden
Location: Honiton Road
Price: £450,000
Flat or apartment
Size: 3 bedrooms, 2 bathrooms, apartment
Features: Terrace balcony, concierge and private parking
Location: Mann Island
Price: £440,000
London
The capital of the UK ranked third on our list last year, as it's overflowing with career opportunities and access to anything anyone might need, from parks and museums to businesses and universities.
Despite its reputation for being expensive, we still found many properties for sale in London for under £450,000.
Most of these, especially within the city centre, are one-bedroom apartments, but you can find a few larger houses within the lifetime ISA price limit if you venture out into Greater London:
House
Size: 3 bedrooms, 2 bathrooms, house
Features: Garage, front and rear garden
Location: Glendown Road
Price: £450,000
Flat or apartment
Size: 1 bedroom, 1 bathroom, flat
Features: Private garden
Location: Axminster Road
Price: £450,000
Manchester
The birthplace of working canals and railway lines, Manchester ranked sixth on our list last year, with residents feeling happy and optimistic overall.
There are some concerns about housing costs because the average property price for Manchester matches the national average despite salaries being slightly lower than average. But it's still considered by The Economist as the most livable city in the UK.
There's an abundance of properties in and around Manchester available under the £450,000 lifetime ISA price limit, ranging from suburban family homes to new build flats:
House
Size: 5 bedrooms, 2 bathrooms, semi-detached house
Features: Rear garden
Location: Shawdene Road
Price: £450,000
Flat or apartment
Size: 2 bedrooms, 2 bathrooms, apartment
Features: Riverside, parking space, concierge
Location: Spinningfields
Price: £450,000
Norwich
Norwich took the top spot in our 'Best places to live and work in the UK' list for 2023, and also topped the Sunday Times's 'Best Places to Live in the UK' list from 2018 to 2020.
A medieval city, full of cobbled streets and ancient buildings, Norwich is also a popular tourist destination.
While the average salary in Norwich falls slightly below the national average, our survey showed residents are very happy with their quality of life and feel emotionally connected to the city.
We found many properties for sale within the lifetime ISA price limit in Norwich, but we noticed more detached houses and bungalows for sale compared to other cities on this list.
Here's what you could get within the lifetime ISA limit:
House
Size: 4 bedrooms, 2 bathrooms, detached house
Features: Rear garden, driveway, garage
Location: Hadley Drive
Price: £450,000
Flat or apartment
Size: 3 bedrooms, 2 bathrooms, penthouse apartment
Features: Roof terrace, garage
Location: St Georges Street
Price: £450,000
Nottingham
The UK's Home of Sport and host to the legend of Robin Hood, Nottingham has also been named a UNESCO City of Literature, one of only 20 in the world.
In our survey, Nottingham residents stood out as some of the happiest with their commuting times and how safe their city feels. Out of the cities on this list, Nottingham had one of the largest amounts of family homes for sale under the lifetime ISA price limit at the time of searching.
There were also hundreds of apartments under £450,000 for sale in the city centre, with the majority being new builds:
House
Size: 4 bedrooms, 1 bathroom, detached house
Features: Garage, landscaped rear garden
Location: Greymede Avenue
Price: £450,000
Flat or apartment
Size: 2 bedrooms, 2 bathrooms, penthouse apartment
Features: Balcony, parking
Location: Hounds Gate
Price: £375,000
Sheffield
Surrounded by green space and full of industrial history, Sheffield is a great place to live if you enjoy going on nature walks and visiting museums.
It ranked ninth overall on our list, but came in first place for resident satisfaction with the general cost of living.
This extends to property prices, with the average price of property in Sheffield and its suburbs being below the national average, with a wide variety of homes available under the lifetime ISA price limit:
House
Size: 3 bedrooms, 2 bathrooms, semi-detached house
Features: Rear garden with separate office/studio
Location: Helston Rise
Price: £450,000
Flat or apartment
Size: 2 bedrooms, 2 bathrooms, flat
Features: Communal garden, swimming pool, gym and concierge
Location: Hallam Towers
Price: £395,000
Southampton
A bustling port city filled with maritime history, Southampton ranked seventh on our overall list last year and received top marks in terms of value for money.
The average property price in Southampton is almost an exact match with the national average, at around £290,000, making it easy to find all kinds of homes both under and over that price.
In our survey, residents also reported feeling very safe living in Southampton, so if you're looking for a place to raise a family by the sea this could be a good option for you.
Take a look at what you could get within the £450,000 lifetime ISA limit:
House
Size: 6 bedrooms, 4 bathrooms, semi-detached house
Features: Rear garden, driveway
Location: Clifton Road
Price: £450,000
Flat or apartment
Size: 2 bedrooms, 2 bathrooms, flat
Features: Balcony with water views, parking, concierge
Location: Maritime Walk
Price: £450,000
More help for first-time buyers
Feeling inspired to start building up your deposit?
Choose an amount to pay in monthly and see what your Lifetime ISA could be worth in 5 years!
Please note: No more than £4,000 may be invested into a Lifetime ISA within a single tax year. This includes your initial investment and your monthly direct debit payments.
This projection shows how your lifetime ISA could grow with low, medium and high performance. Remember, projections are not a guarantee of future performance and you could get back less than you pay in.
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