According to new research by Yes Homebuyers, a third of homeowners say that coronavirus lockdown restrictions have helped them onto the property ladder.
The study shines a positive light on the financial hardships of lockdown. For a third of homebuyers, the lockdowns have been a helping hand in realizing their homeownership goals. Although we are all eager to return to normality, it is clear that the coronavirus restrictions also have helped Britons save up for property. The study found that 27% of recent homebuyers say the lockdown restrictions helped them save the money to buy a property.
Why has COVID helped homebuyers get on the property ladder?
During the national lockdowns in the UK, many have had little else to spend their money on. Working from home and a halt to social activities has allowed some people to save money over the course of this year. On average, Brits are saving £140 each week by staying home during the lockdown. There have also been further savings up for grabs with the government’s stamp duty holiday. Some have benefited from the unfortunate circumstances in which we have all found ourselves by managing to get a foot on the property ladder.
The research shows that:
- 46% of those questioned in the survey identified the hugely reduced social expenses as a help in buying their property.
- 33% said working from home helped save on commuting costs
- 10% cited reduced family expenses
- 6% noted an inheritance due to bereavement
- 5% saved money on rent by moving in with their parents during lockdown
Matthew Cooper, founder and managing director of Yes Homebuyers, stated: “There’s no-one on the planet who wouldn’t like to erase the last year from history, and the lockdown has been hard for so many people for a whole variety of reasons… At the same time, there have been some great stories of resolve, survival and adaptation emerging across all areas of life. This is indicative of our nation and how we come together when times are tough.”
