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Pandemic pressures risk locking first-time buyers out of homeownership dream

16th June 2021
Posted by Aston Avery

A major new study by Santander – Life after Lockdown; The Future of UK Homeownership – has concluded the
impact of the pandemic, both on the property market and the personal finances of those looking to buy, has
widened the gulf between struggling first-time buyers and those already on the property ladder.

The study, which analysed the opinions of 12,000 UK adults alongside market data, found that while the pandemic
made homeownership a bigger priority for nearly two-thirds (63%) of first-time buyers, more than four in ten (44%)
delayed their plans to buy a home in 2020.

Younger buyers more harshly felt the effects of furlough, unemployment and reduced income during COVID-19,
while many continued to grapple with the cost of renting. Less than one in five (17%) first-time buyers said
lockdown enabled them to save more money for a deposit, compared to 31% of all buyer types.

Aston spoke to Graham Sellar, head of mortgages at Santander.

Photo by Ethan Kent on Unsplash