WAYS TO BUY
FIRST TIME BUYERS FOCUS ON THE FUTURE
Many buyers have had their plans disrupted by the pandemic, but the latest research suggests first time buyers are more determined than ever to make their property dreams a reality. Debbie Clark looks at the latest statistics Unsurprisingly, the research by Yorkshire Building Society found a disparity in the impact the Covid-19 crisis has had on would-be buyers. A lucky 44% of first time buyers say they will be able to purchase a property sooner than they had previously intended, while 21% have sadly had their plans delayed. With multiple lockdowns and fewer opportunities to spend, almost half of the first time buyers surveyed in the research said they have been able to save more during the pandemic, with an average increase of more than £500 a month. Men pocketed more than £640 a month, compared to women who managed to put away almost £360 each month towards their first home. Despite these great efforts, first time buyers still face an average wait of four years of saving to be able to purchase a property. Almost a third said they expect they will
have been saving up to two years, with a frustrated fifth saying it could be nearer to 10 years before they have enough money to buy their first home. Ben Merritt, Senior Mortgage Manager at Yorkshire Building Society, explains the situation, “The first time buyer market is swiftly heading back to pre-Covid levels of mortgage choice and availability, and with smaller deposit options having made a comeback, and new Government support on the table, first time buyers could have good reason to be optimistic. “However, with a fifth of first time buyers having had their plans delayed by the pandemic, and the same saying they expect to have to save for up to a decade, it’s a stark reminder that the upfront costs of purchasing a house still prove too big a barrier to overcome for some.” For most prospective buyers, owning
a home is not a dream they are willing to relinquish, with 65% admitting that owning their own home would be life’s biggest achievement, above career aims (39%), having or adopting children (33%) or getting married (31%). In fact, a whopping 71% believe getting the keys to a first house is essential to people feeling like they have succeeded in life, and 61% feel it is even more important now than before the pandemic. Ben finishes on a cautiously positive note, “Despite the housing market being notoriously tough for aspiring homeowners, it’s really encouraging to see that first time buyers’ ambition is not fading. The importance they place on owning a home, which for many is singled out as life’s biggest achievement, shows their resolve for homeownership has only been strengthened by the pandemic.”
24 First Time Buyer October/November 2021
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