Customer data from Moneybox reveals that the West Country city leads the way in utilising the Lifetime ISA (LISA) to buy a first home - which encourages 18-39 years olds to deposit up to £4,000 each tax year - with a 25% government top-up to put towards buying a home.
Notably, Reading saw a 49 per cent increase in LISA-enabled house purchases over the past year, alongside an 11 per cent rise in LISA deposit savings, with first-time buyers there benefitting from an average government bonus of £2,950.
“The government bonus is a game-changer, providing a substantial boost to young savers to help set them on the right path to build and embed positive saving and investing habits earlier in life, which will help boost financial resilience and security over time.".
The majority (79%) of LISA savers would consider using the account to boost their retirement savings, with 47% saying they already intend to keep contributing to their LISA after buying their first home.
During 2024 Bristol’s LISA savers successfully put aside an average of £15,750 for their deposits, unlocking a government bonus of £2,895 - helping them secure properties worth an average of £315,413.
