25th September 2020

First time house buyers plans delayed by pandemic-Bankrate UK comments

According to new research from challenger bank Aldermore, nearly half(46%) of prospective first time buyers say their home buying plans have been delayed by COVID-19, by an average of almost a year(11.4 months).

Commenting on the research, Nisha Vaidya, Mortgage Expert at Bankrate UK, said:

“With house prices at record highs, and mortgages increasingly hard to come by, it’s no surprise that a large proportion of first time buyers are shelving their plans. The pandemic has caused massive disruption to the housing market.

The research shows that many first time buyers now fear for their own financial security, including their future ability to get on the property ladder at all. Of course, the Government’s economic measures will have a big role to play in the months ahead, and much uncertainty remains about how the property market will react to changes in the wider economy.

In the meantime, first time buyers who have paused their plans should use this time to read up on their options. By exploring the different financial support and mortgage products available, prospective buyers should feel more prepared–and ready to act–when conditions in the housing market start to shift in their favour.”

Bankrate UK Trends(5 articles)
Aldermore Trends(7 articles)