Hargreaves Lansdown has revealed that LISA bonuses hit £50m this month.

The firm says more than 50,000 Hargreaves Lansdown LISAs had been opened since they were launched in April 2017 and, last month, Treasury figures showed that a total of 190,000 LISAs had been opened in total and £170m paid in bonuses has been paid so far.

Sarah Coles, personal finance analyst, Hargreaves Lansdown: “First time buyers have had a £50m leg-up onto the property ladder from HL Lifetime ISAs.

“According to Zoopla, that’s enough to buy Mansion House (a stately home in Westminster with 7-bedrooms and an indoor pool currently on the market for £36m), with enough left over to pick up a £14m Chelsea townhouse.

“And while it’s a fair bet neither of these properties are going to be snapped up by a first-time buyer, LISAs are already making a huge difference to people saving hard for their first home.

“With the £4,000 annual allowance, the Government offers up to £1,000 of free money each year.

(Source: Hargreaves Lansdown)

“And there’s every sign that savers are making the most of their allowances: Government figures show that in the first year, the average LISA held £3,114, so the average bonus was £778.50.”

“So whether you fancy your own central London stately home, or you just want to get out of the rental market and into a place of your own, if you’re aged 18-39, and have at least a year until you plan to buy, a LISA could offer just the leg-up you need.”