New statistics have revealed that one third of homebuyers here in the UK have managed to get their foot on the property ladder due to the recent government-imposed lockdowns.
The research study conducted by Yes Homebuyers discovered that around 27 percent of recent property buyers attributed the lockdown restrictions designed to stop COVID-19 spreading to their ability to save up for a home of their own. When asked why this was so, 46 percent of respondents replied that the government measures had forced them to drastically reduce personal expenditure in their social life, enabling them to take a first step on the property ladder.
An additional 33 percent of those surveyed commented that working remotely and the lack of travel costs had helped make savings, while 10 percent experienced reduced family costs, six percent were aided by inheritance received following a bereavement and five percent had made savings on rent by returning to live in their family home during lockdown.
The figures illustrate that while the UK lockdowns have been exceptionally difficult, there is no doubt that they have been beneficial to many individuals seeking to purchase a property in recent months. From the opportunity of the stamp duty holiday offered by the government to extended time working at home with little chance to spend money socially or go on holiday, what has been a challenging time for many has afforded some homebuyers with a unique climate suited to achieving their aim of owning their first property.
