Lockdown helped third of UK homebuyers get onto property ladder
As challenging as the last 12 months have been for all of us, for many different reasons, there have been some positive stories and developments that have emerged during this unprecedented time.
According to new research from Rightmove, a third of UK home buyers have been helped onto the property ladder due to the national lockdown, with 27% of recent home buyers stating that the restrictions actually enabled them to save for their new home.
46% of those asked stated that they were able to get a foot on the ladder, as government ‘stay at home’ measures meant they drastically reduced their spending across social activities.
A further 33% said that having to work from home has also been a contributing factor to their ability to buy, as money otherwise spent on their daily commute or fuel consumption could be saved instead.
The other findings from this report show that savings were also made from family costs (10%) and moving back with parents or family members to save on rent and share social bubbles (5%).
Whilst it would be safe to assume we’re all keen to return to some form of normality once again, it’s incredible that the property market has been able to safely continue and help buyers achieve their dream of homeownership in 2020 and 2021.
With further savings available due to the stamp duty holiday extension until the end of June, it’s expected that even more residential transactions will occur in the coming months.
To find out how you can get your foot on the property ladder, get in touch with us today.
This article was originally published by BriefYourMarket and is reproduced here with their permission.
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