First Time Buyers are more confident despite COVID-19
Following research from Legal & General over half of first time buyers are saying they will definitely be buying their first home in 2020 while 93% of them are also considering their first purchase during 2020.
35% of first time buyers have reported that COVID-19 has not impacted on their plans, however the delay in making firm plans has been on average seven months. Around 8% of respondents have said the virus means they can actually accelerate their plans to make a purchase!
This is due in part to first time buyers being able to save more easily towards their deposit where they are fortunate to have retained their jobs while also spending less than they did pre – lockdown.
Interestingly, the amount saved according to the research shows an average of £1,600 since the beginning of lockdown.
There has also been a significant shift in thinking among this sector. Up to 40% of all workers who have been working from home are now considering continuing to work from home where allowed as a permanent choice. This will reduce traveling costs, commuting time and of course further environmental degradation.
Around a quarter of first time buyers who took part in the study have said they want to be more rural and many would be looking for a home with a suitable ‘home office’ space.
The research also shows that the Help To Buy scheme is re-emerging as a popular choice with around 13 per cent of first-time buyers who’d previously stated they had no plans to use the Government led initiative.
At Buckingham James we are encouraged to see that COVID-19 has not stopped first time buyers in their tracks in making their commitment to first home ownership. Instead many are now considering their priorities in the light of recent events such as, a change in their originally intended location and the ability to work from home.
We are committed to helping first time buyers achieve their goals and have many years’ experience in this sector.
Contact us for full details of our first time buyers mortgage services.