First-time buyers pressing ahead with housing plans in 2020

93% of first-time buyers are still considering buying in 2020, according to data from Legal & General Mortgage Club.

Around a third of first-time buyers said that the pandemic has had no impact on their plans to buy. Some buyers have chosen to move more quickly as a result of the pandemic, with 8% saying they will bring forward their plans.

This eagerness amongst first-time buyers to step on the ladder can in part be explained by their improved ability to save during the crisis. With a reduction in costs on transport and social activities, almost a third of first-time buyers say they have been able to save more than £100 each week towards a deposit on top of what they were already putting away.
The data has also revealed that the Covid-19 crisis has caused a shift in property requirements amongst first-time buyers. More than one in five respondents say they now plan to buy in a more rural area. Additionally, the percentage of people rating outdoor space such as a garden as of critical importance has risen by 20%.

Reflecting the move towards remote working across the UK, the research has also found that the number first-time buyers seeking properties with space for a home office has almost doubled from 16% to 29%.

You can read the full article here: https://www.financialreporter.co.uk/finance-news/first-time-buyers-pressing-ahead-with-housing-plans-in-2020.html

For help or advice in buying your first home, please give The Mortgage Bureau a call.

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