21% of potential first-time home buyers say the coronavirus pandemic has delayed their plans, reveals survey

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22nd July 2021 16:38 - Housing

21% of potential first-time home buyers say the coronavirus pandemic has delayed their plans: A recent survey of people who are planning to purchase their first home in the near future has found that just over a fifth believe the coronavirus pandemic has halted or slowed their plans to buy.

The Yorkshire Building Society survey polled 2,000 people in May this year (2021). It also found, however, that 44% of respondents believe the impact of the pandemic could end up helping them get on the property ladder. This is because people have been able to save up more cash and put that extra money towards their first house, with nearly half (48%) saying they have been able to save up an increased amount.

The average amount of money saved is £500 per month, found the poll.

According to the data, men who were saving were able to save up more, at an average of £640 per month; compared to women who were able to put aside £360.

When asked about their views on savings towards a house, three in 10 respondents said they expect to have been saving money for up to two years prior. The study also uncovered that 22% said they would have to be saving for nearly 10 years before considering buying a new house.

Seven in 10 respondents polled (71%) said  they believe getting the keys to their first house is essential to feeling as if they have succeeded in life. In addition, six in 10 respondents stated that buying their first house is more important today, than before the pandemic.

Ben Merritt, senior mortgage manager at Yorkshire Building Society, said: ‘Our research shows that for those who have benefited financially from the impact of the Covid-19 crisis, it’s fuelled the ability to save more for a first home and brought the first step on the property ladder closer than people previously expected.’

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