Working from home adds average £1,600 to first-time buyer deposits

First-time buyers who would normally commute to London could have saved an average extra £1,627.19 towards their housing deposit by working from home during the COVID-19 pandemic, according to new research from Trussle.

The online mortgage broker’s research also revealed the locations where first-time buyers have saved the most by avoiding their daily commute, as well as the most affordable commuter hubs for those looking to buy near the capital.
For those who have continued their employment working from home, Trussle revealed that Milton Keynes had come out on top as the town where first-time buyers have been able to add most towards their deposits.

By working from home from April to August, commuters from Milton Keynes have saved £2,573 which equates to 12.14% of the deposit needed to purchase a two bedroom property of £211,946.

The broker found that other towns to offer top savings for first-time buyers include Bedford (11.83%) and Didcot (10.96%).
Trussle surveyed nearly 80 commuter locations within a 45 minute train journey from London, with the broker considering monthly season ticket prices, average two-bedroom property prices, and the cost of a 10% deposit and the savings against this.

“We’re living in a time where many people’s finances have been impacted and household finances are stretched,” commented Trussle head of mortgages, Miles Robinson. “Not only this, but the market is challenging for many first-time buyers at the moment because of a lack of high LTV products and the ever changing strict lending criteria.

“However, money saved by working from home could offer some consolation for those who are currently saving to step onto the property ladder.

“For some first-time buyers, the savings from not taking their regular commute during lockdown could have added a boost to their deposits. Also, it’s likely they have saved on other costs like lunches in the city, which will have bolstered their deposits further.”

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