First-time buyers commit to homeownership despite pandemic

The pandemic has strengthened the resolve of first-time buyers who have become more determined to follow their homeownership dreams and save more to get a foot on the housing ladder according to new research.

Three in five (61%) of respondents said that buying a home is more important to them now than it was at the start of the pandemic in March. The research, commissioned by Yorkshire Building Society, shows that over a third expected to buy their home sooner due to the pandemic and nearly half said they had been able to save more for their deposit as a result of the impact of COVID-19.

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Source: Property Wire

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The percentage of first-time buyers’ household income going on mortgage payments

What this really shows is not house prices, but pressure. Affordability is about monthly cost, which varies across the UK. In London and the South, first-time buyers can spend over half their income on housing, while elsewhere it is far lower. To learn more please read on..

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