Lockdown results in positive financial impact for a third of first-time buyers
A third of first-time buyers across the country have revealed that the lockdown has resulted in a positive impact on their finances, with this group of property hunters making up a third of those hoping to purchase a property in the next 12 months according to analysis from money.co.uk.
In regards to location, the data shows that over a quarter (28%) of first-time buyers are looking to purchase a home in London in the next year, with Barnet being the most sought after area for Help to Buy purchases. The top five London hotspots for first-time buyers also include Tower Hamlets, Lewisham and Greenwich.
Additional insights reveal that the process of taking out a mortgage has become more difficult during the pandemic. Of those who have applied for a mortgage, 44% have claimed that there has been a reduced number of mortgage products available to them.
Salman Haqqi, personal finance expert at money.co.uk, said: “Since the UK went into lockdown in March, we have seen a huge impact on the property sector as a whole. However, following the recent reopening of the market, there has been an increase in the number of people purchasing the properties they had to put on hold due to COVID-19 restrictions.
“For those looking to buy, there are currently fewer mortgage products available than pre-COVID-19 but there are still some good deals to be found. With the base rate at a historical low at the moment, prospective buyers should really do their homework and research their options.
“If they have any doubts, they should speak to a mortgage advisor to ensure they are getting the right deal for their personal affordability, and circumstance.”