COVID-19 restrictions hit people hard but cuts in spending have enabled many planning to buy their first home to get closer to their dream of climbing on to the property ladder, according to our new research (1).
Iain Kirkpatrick, Chief Customer Officer at The Nottingham, said:
“The restrictions placed on people during the height of the pandemic saw many dramatically cut back on the amount they spent – from eating out, to buying new clothes and holidays.
“Although it has been a very difficult time, for many of those saving for their first home the reduction in their expenditure provided an opportunity to dramatically increase their deposit savings and move a step closer to owning their own home.”
The big takeaways from the research are as follows:
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(1) Nottingham Building Society commissioned consumer research company Consumer Intelligence to interview 1,023 UK adults, of which 160 expect to buy their first homes within the next five years. They were interviewed online between 18th and 21st February 2022.