Lifetime ISA Maximum House Price | What a £450K House Looks Like Across the UK
Getting on the property ladder can be a completely overwhelming thought, when we look at the Lifetime ISA* Maximum House price, saving for a deposit can feel like an impossible task. Millennials and Gen Z alike are beginning to climb the property ladder, with the help of the Lifetime ISA and the 25% Government Bonus. As long as you’re aged 18-39, live in the UK and have never owned a property.
Lifetime ISA Maximum House Price
According to the Office for National Statistics (ONS), UK house price growth has slowed by 9.8%, making this the perfect time to start looking at joining the property ladder.
The Lifetime ISA Maximum House Price is £450,000 – Put simply, this means you can only use your LISA to save for a deposit on a house valued at £450K or less.
Although you don’t have to buy a £450K house with your Lifetime ISA, you’ll still be needing to save a deposit of roughly 10-15%. So, if you’re itching for a mortgage, it’s a good idea to start having a look around at what your money can get you in different areas– and that includes a celebratory take away on the day you move in! We’ve picked a few places at random from some of the UK’s major cities – it’s important to bear in mind that the cost of housing may vary from town to town in the city of your choice.
What a £450K House looks like in…
1. London
2 bedroom flat in London, Lower Teddington Road, Hampton Wick, KT1. [IMAGE CREDIT: https://www.foxtons.co.uk/discover/2018/04/hereas-what-you-can-buy-with-A450000-in-london]
Spending £450,000 of the Lifetime ISA limits in London can get you a 2 bedroom flat in a nice residential area.
According to the Manchester Evening News, the average cost of living for a single person in London, is £2,141.95.
A pint of lager across the UK costs, on average, around £3.86. In London, a pint will cost you £5.19, according to iNews.
On average, a takeaway in London will set you back around £9.65 per meal. Although it definitely costs a pretty penny more to live in London than, well, anywhere. If you’re living and working in London, you’ll begin to feel the balance kicking in soon enough.
2. Liverpool
5 bedroom terraced house in Liverpool, Irvine Street, L7 [IMAGE CREDIT: https://www.zoopla.co.uk/for-sale/houses/liverpool/?beds_max=5&beds_min=5&page_size=25&price_max=450000&price_min=450000&view_type=list&q=Liverpool&radius=0&results_sort=newest_listings&search_source=refine]
£450,000 can get you a spacious 5 bedroom terraced house in Liverpool in a lovely area.
£450,000 can get you a spacious 5 bedroom terraced house in Liverpool in a lovely area.
The estimated average cost of living for a single person, is roughly £883.01 per month in Liverpool.
A pint will cost you just £3.45 on average, which makes it no surprise that Liverpool is one of the go-to party cities of the north.
On average, the price of a takeaway is £6.48. Which makes for some pretty happy customers, after one of the cheapest nights out in the UK!
The average house price in Liverpool is £171,221. A deposit (15%) will be around £25,650, making Liverpool one of the cheapest places in the UK to settle down and buy your first home.
3. Sheffield
5 bedroom detached house in Netherthorpe Lane, Killamarsh, Sheffield, S21. [IMAGE CREDIT: https://www.zoopla.co.uk/for-sale/details/61510945/?search_identifier=5044bfa6dda1b4fe431ddf18ac74de08]
Buying in Sheffield can get you a 5 bedroom detached house for £450,000 in a nice family area.
Buying in Sheffield can get you a 5 bedroom detached house for £450,000 in a nice family area.
For a single person living in Sheffield, the average living cost sits at around £847.52.
The average cost of a pint is £3.74, making them a fine contender for any UK pub crawl.
In terms of food, the average takeaway will cost around £7.19 per meal.
The average house price in Sheffield is £194,325. So, a deposit (15%) will be around £29,100. If you’re saving the maximum annual amount for a Lifetime ISA (£4,000) and getting your 25% government bonus (£1,000) it’ll take you around 6 years to save by yourself, and 3 years to save with a partner.
4. Leeds
5 bedroom country house in Wayside Mount, Scarcroft, LS14. [IMAGE CREDIT: https://www.zoopla.co.uk/new-homes/details/61503660/?search_identifier=58fa29863cf4dd1458adc35934a3716f]
In Leeds, £450,000 can get you a 5 bedroom country house in a lovely rural area.
In Leeds, £450,000 can get you a 5 bedroom country house in a lovely rural area.
Living in Leeds will cost you around £991.41 per month in terms of average monthly expenditure.
The average cost for a pint in Leeds is £3.53 and the average cost of a takeaway is £6.87 per person. A pint and a takeaway for just over a tenner would do most of us just fine!
The average house price in Leeds is £216,280. A deposit (15%) will be around £32,400.
5. Manchester
2 bedroom apartment on St. Johns Road, Altrincham. [IMAGE CREDIT: https://www.rightmove.co.uk/properties/123345425#/?channel=RES_BUY]
For £450,000, you can buy a gorgeous 2 bedroom apartment in Manchester, Trafford.
For £450,000, you can buy a gorgeous 2 bedroom apartment in Manchester, Trafford.
The average living cost in Manchester is £1,150.40 per month, when this is weighed against average monthly earnings, Manchester is one of the top 10 best value places to live, according to Budget Direct, via MEN.
In Manchester, the average cost per pint is £3.93 - but if you look in the right places, you can find a pint for as cheap as £2.90!
The average takeaway cost is £7.26.
The average house price in Manchester is £211,773. A deposit (15%) will be around £31,650.
6. Newcastle
5 bedroom detached house on Moorside North, Fenham, Newcastle Upon Tyne, Tyne and Wear, NE4 9DY. [IMAGE CREDIT: https://www.rightmove.co.uk/properties/119130239#/?channel=RES_BUY]
£450,000 In Newcastle can buy you a lovely 5 bedroom detached house in a family area.
£450,000 In Newcastle can buy you a lovely 5 bedroom detached house in a family area.
The cost of living in Newcastle sits at £1,337 on average for a single person, according to CostOfLive.
In Newcastle, the average price of a pint is £3.74.
The average takeaway price is £7.00.
The average house price in Newcastle is £178,220. A deposit (15%) will be around £26,700.
Newcastle could be a great place to choose if you’re looking to get on the property ladder fast, with a deposit of £26,700 taking just over 5 years to save alone, or just over 2.5 years to save with a partner, if you’re both saving the maximum allowance of £4,000 per year and receiving your £1,000 government bonus.
7. Edinburgh, Scotland
2 Bedroom Apartment in Comely Bank Avenue, Edinburgh, EH4. [IMAGE CREDIT: https://www.rightmove.co.uk/properties/121696787#/?channel=RES_BUY]
For £450,000 in Edinburgh, you can get a spacious 2 bedroom apartment.
Edinburgh also took one of the top 10 spots on the cost of living tier list, coming in at around £1,076.42 per month for a single person. Edinburgh allegedly has some of the cheapest utility bills in the UK.
In Edinburgh, the average cost per pint is £4.35.
The average cost of a takeaway is £8.16.
The average house price in Edinburgh is £319,160. A deposit (15%) will be around £47,850.
Again, if you’re saving the maximum of £4,000 per financial year, and achieving your £1,000 bonus, it’ll take you around 9-10 years to save by yourself, or just under 5 years to save with a partner.
Although it may take longer to get on the property ladder in Edinburgh, once you do, you’ll be able to take advantage of the lower cost of living.
8. Cardiff, Wales
6 bedroom terraced house on Keppoch Street, Cardiff, Caerdydd, CF24. [IMAGE CREDIT: https://www.zoopla.co.uk/for-sale/details/61493477/?search_identifier=cb8d1ff1da0ea224a520a86f5a9da4fb]
In Cardiff, you can spend £450,000 to get a large 6 bedroom terraced house in a lovely area.
The average cost of living per person is around £994.87 in Cardiff, according to the Manchester Evening News, Cardiff has some of the most expensive utility bills, but some of the lowest transport spend.
In Cardiff, the average pint cost is £3.41, which softens the blow of the gas and electric bill coming through.
The average takeaway cost is £7.57.
The average house price in Cardiff is £242,982. A deposit (15%) will be around £36,300.
9. Birmingham
5 bedroom house on Percival Road, Edgbaston, Birmingham, B16. [IMAGE CREDIT: https://www.rightmove.co.uk/properties/96557701#/?channel=RES_BUY]
For £450,000, you can get a large 5 bedroom house in a lovely area.
Birmingham sits in the middle of the table for the value of most of the items on our list, but in terms of the cost of living, it's one of the lowest cost places to live on our list. The cost of living for a single Brummie is £933.87 per month.
The average price of a pint is £4.16.
The average price of a takeaway is £7.61.
In Birmingham, the average house price is £209,245. A deposit (15%) will be around £31,350.
10. Plymouth
4 bedroom house in Plymouth, Cornwood, Near Ivybridge. [IMAGE CREDIT: https://www.rightmove.co.uk/properties/123667718#/?channel=RES_BUY]
You can get a spacious 4 bedroom house for £450,000 in Plymouth.
According to costoflive.com, the average cost of living in Plymouth is £1,203 for a single person.
In Plymouth, the average cost of a pint is £3.94.
The average takeaway price is £7.20.
The average house price in Plymouth is £223,461. A deposit (15%) will be around £33,450.
How to Save for a House Deposit
If you’re wondering how to save for a house deposit, a Lifetime ISA (LISA) is a great place to start. A LISA is an Individual Savings Account, great for those of us who want to be held accountable for our savings. The government offers a 25% bonus along with the money you already have when you're saving for your first house. A LISA allows you to save up to £4,000 a year. This means that with the government's £1,000 on top of that, you could essentially save up a £10,000 house deposit within two years.
If you’re saving as a couple, you can both use separate LISAs to get up to £1,000 each in bonuses each financial year – which will get you to your goals even faster!
Furthermore, we offer an interest rate of 1.5%*. We try to stay humble, but we're pretty proud of our market leading rate!
If you’re looking to open a Lifetime ISA*, click here.
*Terms and Conditions Apply
*Figures based on independently verified research conducted by Mustard Research – accurate as of April 2022
*Credit to Data Sources:
Average Cost of Living for 1 Person – As reproduced by Manchester Evening News/Budget Direct & costoflive.com
Average Cost of a Pint – iNews
Average Cost of a Takeaway – NetVoucherCodes
Average Housing Prices – Rightmove
