27% of recent homebuyers say saving during lockdown has helped them get on property ladder

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1st April 2021 19:01 - Financial Services

27% of recent homebuyers say saving during lockdown has helped them get on property ladder: When we think of the last year and the chaos that Covid-19 has wreaked the world over, it may be hard to believe there have been many positive outcomes.

But according to a new piece of research, the restrictions and lockdowns due to the pandemic have enabled 27% of new homeowners to get on the property ladder as they have been able to save for a deposit thanks to a reduction in their day-to-day outgoings.

The survey by Yes Homebuyers polled 1,485 recent UK homebuyers revealing some of the reasons that more than a quarter have been able to get a deposit together, with reduced spending on going out socially on top.

Nearly half (46%) the respondents polled said they had drastically cut down their social life spending due to not going out, while a third (33%) said that working from home and not having to pay commuter fares or petrol had given their savings a boost.

Other things that have helped them save and get on the property ladder included a reduction in family costs (10%), inheritance due to a bereavement (6%) and saving on rent due to moving back in with their parents (5%).

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