Lockdown made aspiring homeowners more determined to buy
Three in five first time buyers (61%) say that buying a home is more important to them now than it was before Covid-19, according to Yorkshire Building Society.
The mutual also found that nearly half (44%) said they had been able to save more for their deposit during the pandemic and over a third (35%) expect to be able to buy their first home sooner as a result of Covid-19 .
Despite this determination, buyers still face challenges when securing their first home.
The average monthly saving for those wanting to buy their first home is £336, meaning 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.
Unsurprisingly then, half (50%) of first-time buyers are looking for financial help from relatives.
Ben Merritt, mortgages acquisition manager at Yorkshire Building Society, said: “Getting on the housing ladder seems to be more important now than it ever was. 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.”