MAKE THE FIRST MOVE
WITH THE LONDON HOME SHOW ABOUT TO OPEN ITS VIRTUAL DOORS, READ OUR SPECIAL GUIDE TO GETTING ON THE PROPERTY LADDER
FIRST-TIME buyers are one of the latest groups to be hit by the economic effects of Covid. Throughout the pandemic, they have delayed purchasing by an average of six months and three weeks, according a new survey by online estate agency Yopa.
Nearly 40 per cent of those surveyed felt they were unable to save a deposit, while a third stalled due to a lack of available mortgage products. Overwhelmingly, though one barrier was bigger than the rest. Eighty per cent – and 87 per cent in London – said they had been priced out of the market.
On the brighter side, fewer than one in five felt more pessimistic about their prospects of buying than they did before Covid, while two thirds have managed to save more than usual towards a deposit over the past year.
The research also revealed that 85 per cent of first-time buyers plan to use a government initiative such as Help to Buy, shared ownership or the new mortgage guarantee scheme to get on the ladder. You can find out all about affordable home ownership options and the latest developments across the capital and its surroundings at the Virtual London Home Show, taking place this Saturday.
This is the first time the show has been held online, and budding buyers will be able to attend talks and seminars led by industry experts, download handy guides and register interest in specific developments and book viewings. There will also be the opportunity to make appointments with sales teams, mortgage brokers and conveyancing solicitors, and get your questions answered via live chat or video call.
‘It has never been more important to have a place to call your own,’ says Nick Lieb, head of operations at event host Share to Buy (sharetobuy.com). ‘We’re looking forward to welcoming thousands of hopeful buyers through our virtual doors and can’t wait to see those important conversations happening once again.’ n The Virtual London Home Show is being held online on Saturday from 10am-4pm. It’s free to attend, but you need to register for a ticket in advance
at sharetobuy.com/homeshow