Three in five first-time buyers (61%) would suggest that buying a home is more important to them now than it was before the coronavirus pandemic, new research by the Yorkshire Building Society has revealed.
The society said the pandemic has strengthened the resolve of first-time buyers, who have become “more determined to follow their homeownership dreams” and get a foot on the housing ladder.
The study, based on the findings from 2,001 prospective first-time buyers, found that 35% of first-time buyers had expected to buy their home sooner due to the pandemic, while 44% revealed they had been able to save more for their deposit as a result of COVID-19.
With the average monthly saving for those wanting to buy their first home now standing at £336, the society has estimated it will take a single person seven years and five months to save a 15% deposit for the average first-time buyer home, which is valued at £198,512.
In order to meet the demands for a higher deposit, (50%) of first-time buyers are looking for financial help from relatives, with this number seeking support increasing to 59% for those buying in London.
“Getting on the housing ladder seems to be more important now than it ever was,” said Yorkshire Building Society mortgages acquisition manager, Ben Merritt.
“Whether it’s being in shared rented accommodation whilst juggling home and work life, or spending lockdown back in the family home, the pandemic has clearly increased the resolve of first-time buyers who have increased their savings and are more determined than ever to buy their first home.
“It’s a real priority and life ambition for many people, but getting there still remains a challenge which is why we are seeing many lean on relatives for support with deposits. Despite the lower availability of higher LTV products, there are options available to first-time buyers and so it pays to do your research to help you get the support you need.”
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