Research from Aldermore Bank found that 46 per cent of FTBs in the UK have postponed their plans to buy a home as a result of the pandemic, Property Reporter revealed.
On average, those who have made changes to their plans have pushed them back by 11.4 months. What’s more, 17 per cent said that they saw purchases fall through as a result of the pandemic, while 20 per cent said they pulled out of property purchases when the country went into lockdown.
Perhaps unsurprisingly, the period we all spent in lockdown has resulted in some FTBs reconsidering what they want from their own home.
The news provider noted that 42 per cent now cite having a garden or balcony is a top priority for them, while 33 per cent are looking for a home near the countryside or a park.
Head of mortgage distribution at Aldermore Bank Jon Cooper commented: “It’s encouraging to see increased delays and challenges have not dampened prospective buyers’ home buying dreams, in fact, they appear more motivated than ever after the lockdown experience.”
However, data released by Halifax earlier in September showed that, despite the fact that the UK is heading into a recession, house prices have continued to rise, which could make life challenging for FTBs.
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