South East named ISA capital of the UK as ISA season kicks off

As ISA season enters full swing ahead of April ISA deadline day, analysis by peer to peer real estate investment platform, easyMoney, has shown that it’s the South East that ranks as the nation’s ISA investment capital, while Stocks and Shares ISAs and Innovative Finance ISAs are seeing the highest average sum subscribed per an account.

The ISA deadline for the 2022/23 tax year is the 5th April 2023, meaning there are just a few short months left for investors to maximise their investment before their tax-free ISA allowance is gone.

For easyMoney, the months of February and March mark the start of ISA season, as investors start to make top ups before the big deposit month of April.

The latest figures show that there are some 27.2m ISA holders across the UK, with 11.8m new subscribers coming over the last tax year (2019/20).

The South East is the UK’s ISA capital, with 3.8m total ISA holders, accounting for 14% of the national total. London ranks second, with the region home to 12% of all UK ISA investors, with the North West (11%), East of England (10%) and South West (10%) also accounting for a double-digit chunk of ISA market activity within the UK.

In terms of the investment made, it’s Stocks and Shares ISAs and Innovative Finance ISAs that are proving the most popular amongst investors.

Stocks and Shares ISAs have seen the highest average subscription per account at £9,432, with Innovative Finance ISAs seeing an average subscription to the tune of £5,750.

Jason Ferrando, CEO of easyMoney said, “April’s ISA deadline is fast approaching and as is often the case, this impending cut off point tends to stir a degree of urgency amongst investors who are keen to maximise the tax-free allowance on offer to them.

This uplift in activity tends to start from February building to a crescendo of deposits come April and so we expect it to be a very busy few months ahead.

While April’s deadline may still seem some way away, it will come around soon enough, and now is the time to arrange your finances accordingly if you plan to boost your ISA savings pot.”