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First-time buyers saved deposits faster during pandemic as spending fell

  • 05/04/2022
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First-time buyers saved deposits faster during pandemic as spending fell
The Covid-19 pandemic has allowed first-time buyers to save up a deposit faster due to reduced spending on areas like clothes, eating out and holidays.

According to research from The Nottingham, which surveyed 1,023 adults, 19 per cent of respondents planning to buy their first home in the next five years will have deposits saved this year.

When asked where the biggest savings were made, 60 per cent said they spent less on clothes, 56 per cent cut back on eating out and 51 per cent didn’t go on holiday.

Other areas of saving included reduced spend on big food shops at 43 per cent, and 16 per cent said that they had taken on more than one job.

Around a third, 32 per cent, said they planned to view properties this year and eight per cent of first-time buyers said they had started househuntinng.

Over a quarter, 28 per cent, said they expected to start viewing in properties in next two or three years and quarter said they expected to look at properties in the three or five years. The rest said they were unsure when they would start viewing.

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.”


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