Third of young people delay plans to move home
Home hunters under the age of 35 have suffered the biggest impact on plans to move by coronavirus and lockdown, research has found.
More than a third of young people say their move has been delayed, with 30 per cent citing access to a mortgage or difficulties in saving for a deposit as the reason, according to a survey by property website Zoopla.
It comes as the availability of higher loan to value (LTV) mortgages has drastically reduced since the start of the pandemic.
Overall, around a third of home buyers who were hoping to move pre-Covid say plans to move have been delayed but almost nine in 10 intend to go ahead in the next 12 months.
However, coronavirus has altered the priorities of more than half of movers, Zoopla found, with 42 per cent of movers expecting to work from home more often, and 22 per cent listing a home office as a priority.
Around 30 per cent who have pushed back their search said concerns around house prices were behind the delay, with a similar number worried about the economy.
Andy Marshall, chief commercial officer at Zoopla, said: “Given the unprecedented impact of coronavirus, it’s to be expected that home buyers and sellers will have reordered their priorities and what they are looking for from their next home move.
“It’s reassuring to see that 86 per cent of those who had planned to move before lockdown still intend to go ahead with their plans in the near term.
“Without doubt, lockdown put the functionality of many homes under pressure, and many homeowners have emerged with a revised list of requirements that they’re looking for a new home to fulfil – as well as a need to move, fast.
“With more Brits looking to travel into the office less often, while socialising at home more, expectations of what a home can deliver look likely to be greater than ever.”