First-time buyers weathering the COVID storm

A third of first-time buyers in the UK have revealed that the coronavirus lockdown has ended up making a positive impact on their finances, with this group of property hunters making up a third of those hoping to purchase a property in the next 12 months, according to analysis from money.co.uk. Meanwhile, additional insights revealed that the process of taking out a mortgage has become more difficult during the pandemic. Of those who have applied for a mortgage, 44% have claimed that there has been a reduced number of mortgage products available to them. In regards to location, the data shows that over a quarter (28%) of first-time buyers are looking to purchase a home in London in the next year, with Barnet being the most sought after area for Help to Buy purchases. The top five London hotspots for first-time buyers also include Tower Hamlets, Lewisham and Greenwich.

Property Wire (24/07/2020)