Lifetime ISA Maximum House Price | What a £450K House Looks Like Across the UK in 2024

Lifetime ISA Maximum House Price | What a £450K House Looks Like Across the UK in 2024

Ready to finally place your foot firmly on the first rung of the property ladder? According to the UK House Price Index for March 2024, the average price of a house in the UK stands at £283,000.

For those in London and the surrounding area, that figure might seem reasonable. For others, it might be impossible. But what if we told you that when you open a Lifetime ISA, you’ll get a 25% government top up on your savings? Perhaps you’ll be more inclined to save more and enjoy the boosted funds.

You can put up to £4,000 aside annually in your ISA, meaning you can receive up to £1,000 a year from the government.  You must be aged between 18 and 39, live in the UK and have never owned your own property – and you can save a maximum of £450K.

With that in mind, we look at what a £450K house looks like across the UK in 2024. Do bear in mind, though, that the cost of housing will vary from one area to another in the city of your choice, with everything from local noise levels to choice of amenities affecting the price. That said, this guide will nonetheless provide an at-a-glance look at how far your finances could stretch. Read on for some useful insights…

What a £450K house looks like in…

1. London

What exactly will £450K get you in London? Let’s be real here: not quite as much as you’ll most likely get if you’re planning a move much further up north.

That said, this characterful, one bedroom apartment – which is under a mile from Dalston Kingsland Station, amongst others, and therefore perfect for commuters – is bright and airy and boasts high ceilings and access to a large, shared garden.

Since green space is of a premium in the capital, even a shared garden may seem an attractive prospect to any buyer, particularly a first-time buyer. Plus, the property offers a ‘wonderful selection of independent restaurants and cafes’, making it ideal for both couples and families.

A characterful, one bedroom period apartment in London

Image credit: Photographs via Rightmove

2. Leeds

Those who want to enjoy the hustle of bustle of city life (but don’t want to pay the price associated with a home in London) could opt to set their sights on Leeds.

A thriving destination for both business and leisure, its population is close to 800,000 and there are plenty of employment opportunities in a wealth of industries.

While £450K will likely secure you a one-bedroom apartment in London, in Leeds you could well find a space with two or more rooms for the same price. This penthouse flat, for example, offers two bedrooms, a bathroom and en suite shower room, and a balcony with private terrace that affords stunning views over the city – just look at them!

Flat balcony looking over city view

Image credit: Linley & Simpson, via Rightmove

3. Liverpool

Fancy a family home with not one, not two but three bedrooms – and large ones at that? If so, Liverpool has the answer: this modern, detached property, which also offers large front gardens, a gated driveway and off-street parking that will accommodate multiple vehicles. And all for £450K, of course – the maximum amount you can spend on a house using the savings you’ve amassed in your Lifetime ISA account.

It’s a huge step up from many a London property when it comes to space, yet still makes commuting for work easy (it’s 0.6 miles from the town of Huyton, and a mile from the village of Roby). Those with young families will also be pleased to learn that it is within easy travelling distance of two local schools.

Hallway and stairs of detached house

Image credit: Whitegates, via Zoopl

4. Manchester

Want to live in the heart of Manchester city centre? If so – and you have £450K to spend – this two bed duplex penthouse flat could well be the property for you.

While it has just one reception room, it has two bedrooms and two bathrooms and some of the most stunning views Manchester centre has to offer.

Plus, it’s just 0.1 miles to Manchester’s bustling Oxford Road station and under a mile, too, from a primary school, and a college.

Again, you’ll get slightly more for your money here than you would in the capital city, but a fair bit less than you might if you opted for the three-bed family home in Liverpool.

Modern apartment with Manchester City in the background

Image credit: Reeds Rains, via Zoopl

5. Newcastle

Those wanting to move to an upscale suburb of Newcastle will love Jesmond – and for £450k here, you could move into a property with five bedrooms and three bathrooms. Yes, really.

We found exactly that in this two-storey maisonette, which is within walking distance of the city centre and is ‘immaculately presented throughout’.

The bay window to the lounge overlooks the beautiful Town Moor and the property is under a mile from two Metro stations and one tram stop, ensuring it is perfectly located for city commuters and those without access to a car.

Living room of maisonette with traditional fireplace

Image credit: Pictures via Rightmove

6. Derbyshire

Keen to own a five-bed home? Head to Derbyshire, where this majestic-looking property is up for sale – and for the guide price of £450K, of course.

While it does need a fair bit of work, if space is what you’re looking for, it has plenty. With a large garden and orchard – and planning permission to extend and create a new driveway – the Grade ll listed farmhouse can be found on a spacious plot, extending to approximately 0.5 acres, no less.

There are three tram stops within a mile or so of the property – and the home can be found in a semi-rural spot, making it ideal for anyone who wants to escape the hustle and bustle of city life. It’s also within easy travelling distance of Sheffield – and while it certainly does need a refurb, it offers much more for your money when compared to many properties featured in this guide.

A five-bedroom farmhouse with spacious gardens and orchard in Derbyshire

Image credit: Photographs, via Rightmove

7. Birmingham

What will £450K get you in the Birmingham area?

You could secure a two double-bed home, with two ensuites plus a downstairs WC, as well as a conservatory, gated parking spaces, and a private courtyard. Again, it’s certainly a step up from properties elsewhere in the country, when you consider value for money.

Those who prefer a house over an apartment, though, may well prefer the aforementioned Liverpool property, though.

Kitchen of two-bedroom, two-bathroom apartment in Birmingham

Image credit: MCHUGO Homes, via Rightmove

8. Newport, Wales

Now this is a traditional family home if ever there was one!

We’re over in Newport, Wales, now – and we’re focusing on this stunning four-bed detached home in a ‘highly sought after’ area and offering an office/play room, a kitchen/dining/family room, a garage and driveway, and a spacious living room.

If you’re keen to move to Wales, up to £450K in savings could get this home or something a lot like it – and, with this property specifically, you’ll benefit from four (yes, four!) double bedrooms, each with fitted wardrobes.

Exterior of stylish four-bedroom family home in Newport

Image credit: Photographs via Rightmove

9. Chester

If Chester is your destination of choice, feast your eyes on this three-bed detached house, which has a new kitchen with integrated appliances. The £450K home also boasts a wraparound garden, a driveway for several cars, and an orangery and garden room.

In a popular area, the family home is ‘freshly decorated’ and ‘gives a feeling of light and space…perfect for a growing family’.

Kitchen of three-bedroom detached property in Chester with an orangery and garden room

Image credit: Photography via Rightmove

10. Glasgow, Scotland

Finally, our search for a £450K property reaches Glasgow, which is home to this beautiful, four-bed property.

It’s actually on the market for offers over £440,000, meaning you can bag considerably more bedrooms than you might in properties located in the south, and potentially for £10,000 less.

The Victorian sandstone semi-detached villa is located within ‘a highly sought after’ area (a railway station is just a short walk away) and has been upgraded, suggests the Countrywide site. It is also ‘beautifully presented throughout to a high standard’.

Living room of four-bedroom semi-detached house in Cambuslang, Glasgow

Image credit: Photographs via Countrywide

Saving for a House Deposit: Some Tips

If you don’t know where to begin when it comes to saving for a house deposit, opening a Lifetime ISA could be a consideration. Doing so may help you get on the property ladder much sooner. After all, if you save £4,000 per year, you could have up to £10,000 in your account in just two years. The reason being is that the government will top up your savings by 25%, meaning £4,000 over two years will net you £2,000).

Did you know as well, that 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? This will help you reach your house-buying goal faster.  Although it’s important to remember that the total house price still can’t exceed the £450,000 limit. 

Plus, on top of the £1,000 per year you could receive from the government, we offer an interest rate of 4%* (AER).

If you’re keen to begin saving for a house by opening a Lifetime ISA**, head here. 

*/**Terms and conditions apply.

 

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