First Time Buyers Focus on the Future

Many buyers have had their plans disrupted by the pandemic, but the latest research suggests first time buyers are more determined than ever to make their property dreams a reality. Debbie Clark looks at the latest statistics

Unsurprisingly, the research by Yorkshire Building Society found a disparity in the impact the Covid-19 crisis has had on

would-be buyers. A lucky 44% of first time buyers say they will be able to purchase a property sooner than they had previously intended, while 21% have sadly had their plans delayed.

With multiple lockdowns and fewer opportunities to spend, almost half of the first time buyers surveyed in the research said they have been able to save more during the pandemic, with an average increase of more than £500 a month. Men pocketed more than £640 a month, compared to women who managed to put away almost £360 each month towards their first home.

Despite these great efforts, first time buyers still face an average wait of four years of saving to be able to purchase a property. Almost a third said they expect they will have been saving up to two years, with a frustrated fifth saying it could be nearer to 10 years before they have enough money to buy their first home.

Ben Merritt, Senior Mortgage Manager at Yorkshire Building Society, explains the situation, “The first time buyer market is swiftly heading back to pre-Covid levels of mortgage choice and availability, and with smaller deposit options having made a comeback, and new Government support on the table, first time buyers could have good reason to be optimistic.

“However, with a fifth of first time buyers having had their plans delayed by the pandemic, and the same saying they expect to have to save for up to a decade, it’s a stark reminder that the upfront costs of purchasing a house still prove too big a barrier to overcome for some.”

For most prospective buyers, owning a home is not a dream they are willing to relinquish, with 65% admitting that owning their own home would be life’s biggest achievement, above career aims (39%), having or adopting children (33%) or getting married (31%).

In fact, a whopping 71% believe getting the keys to a first house is essential to people feeling like they have succeeded in life, and 61% feel it is even more important now than before the pandemic.

Ben finishes on a cautiously positive note, “Despite the housing market being notoriously tough for aspiring homeowners, it’s really encouraging to see that first time buyers’ ambition is not fading. The importance they place on owning a home, which for many is singled out as life’s biggest achievement, shows their resolve for homeownership has only been strengthened by the pandemic.”

OUR PICK OF HOMES ON THE MARKET

PEASE POTTAGE, WEST SUSSEX

Central Apartments, Woodgate

FROM £255,000

The latest phase of Thakeham homes to launch at Woodgate, Central Apartments, comprises two one bedroom homes and six two bedroom homes located on the edge of the new village green in the picturesque development just 15 minutes’ drive from the M25/M23 junction. Every apartment benefi ts from a spacious open-plan kitchen/living area, integrated kitchen appliances, fi tted wardrobes to the main bedroom and an en suite shower room and/or a separate bathroom. The two bedroom homes enjoy a terrace or balcony overlooking the green and the two penthouse apartments feature impressive vaulted ceilings, adding to the sense of space and views over neighbouring Tilgate Forest. Communal open spaces at Woodgate will include play areas, trails, pathways and cycle routes linking the development to the surrounding 370-acre Tilgate Forest and wider local area. Crawley is just three miles away and historic Horsham seven miles.

mywoodgate.co.uk 01293 225 615

HARROW, LONDON

The Elms

FROM £86,875*

Launching soon, The Elms is a collection of 20 one and two bedroom apartments, all offering private outdoor space, generously proportioned living areas, contemporary fully fi tted kitchens and stylish bathrooms. The development is conveniently located just a short walk from the shopping centres, cafes and restaurants of Harrow on the Hill and is within easy walking distance of both Harrow-on-the-Hill and Harrow & Wealdstone stations, boasting quick connections into London Euston, Baker Street or Marylebone stations. This development by Octavia is only available to those who live or work in the London Borough of Harrow.

sharetobuy.com/properties/156106 020 8354 5500

* Based on a 25% share of the full market value of £347,500

CHELMSFORD, ESSEX

Chelmer Waterside

FROM £87,500*

This landmark development is conveniently situated in the heart of Chelmsford. The new riverside quarter offers and exclusive collection of just seven one and two bedroom apartments, which will be available from December 2020. Built on a peninsula, on the banks of the River Chelmer, the site has been thoughtfully designed. Features include a new public square and lots of green spaces to create a fl ourishing new riverside community. The buildings have been carefully oriented to maximise views to the water for both residents and visitors. With nearby shops, leisure facilities and great transport links to London, the development will appeal to young professionals and commuters alike.

chp.org.uk/search/property/chelmer-waterside-568 0300 555 0500

*Based on a 35% share of the full market value of £250,000 CASE STUDY

Callie and Ryan, both 30, recently relocated from Potters Bar to Hayfi eld Place in Silsoe, Bedfordshire. Inspired by Callie’s sister moving to the development , the couple gave up their rented fl at and moved in with Ryan’s parents in order to save for a deposit. After 18 months of saving, they have purchased a two bedroom home.

Callie said, “As an NHS Psychological Wellbeing Practitioner, I am all too aware of how hard the Covid-19 lockdowns have been for so many people. Ryan and I were lucky to both keep our jobs throughout the pandemic, and we actually saw it as an opportunity to fully commit to saving up for a home of our own. Not being able to go out to restaurants and bars was a blessing in disguise for us!

“My younger sister and her fi ancée moved into a three bedroom house at Hayfi eld Place last year. We were taken aback by the quality of the development, how spacious it was and also the village of Silsoe itself, with Wrest Park and the traditional pubs nearby. We had a chat with the sales team and realised we could afford to buy a 'Lulsley' home by using Help to Buy, and with the benefi t of Hayfi eld’s £5,000 Key Worker Discount.”

The couple both regularly work from home, so the spacious layout of their new house is a real bonus. They are currently utilising their spare bedroom as an offi ce in addition to having a permanent desk in the living room, which is big enough to fi t it in comfortably, in addition to their sofas and coffee table.

Hayfi eld Place has been designed to refl ect architectural styles from the sought-after historic village, incorporating local materials and detailing. New public footpaths, a balancing pond, a biodiversity corridor that will run across the site, and a new section of bridleway and cycle route are all being created to connect Hayfi eld Place into the local Bedfordshire footpath network.

The 14-acre scheme features 105 highspecifi cation two, three, four and fi ve bedroom detached and semi-detached family homes and bungalows, which have consistently been selling ahead of the build programme.

CASE STUDY

David and Luke are purchasing a one bedroom apartment, off-plan, at BE WEST’s Waterside Heights. Through the shared ownership scheme, they are buying a 30% share of the home, with a parking space, for £93,750.

The couple, who have been living with David’s parents through the pandemic, began researching their options at the beginning of the year. This included weighing up whether shared ownership or Help to Buy was the best fi t for their needs. They opted for shared ownership, and while they were initially a little apprehensive about the scheme, David explains, “We spoke with people who had done it and it completely changed our view on it.”

The pair viewed a few developments across London before settling on Waterside Heights and were pleasantly surprised to fi nd their ideal home as quickly as they did. The size, location and quality stood out for them; as David says, “Everything about it was better. Another bonus was the fact that a parking space was included in the purchase price, which is not always the case."

David and Luke are realistic about their investment. David says, “We know what we’re getting ourselves into. We’re not parting with lots of cash and we’re not expecting to earn lots of cash as a return, but we know something is better than nothing and it’s better to tie up our money into shared ownership than renting.”

While they know staircasing is an option open to them, they have no plans to staircase at present. David says, “Regarding our plans for the future, we’ll be looking to settling down a bit more in the next four to fi ve years and move into a house with more bedrooms.”

FROM £310,000

ABBERLEY, WORCESTERSHIRE

Three Js

Three Js, once complete, will comprise 26 diverse homes, from two bedroom bungalows to fi ve bedroom houses. A two bedroom Haywood style bungalow at Three Js is a charming, traditional looking home from the outside, with a carefully planned layout and high-specifi cation interior. It has a lounge at the front, combined kitchen and dining room with French doors opening on to the rear garden, two bedrooms and a bathroom. Three Js has a leafy setting, with more than 40% of the development given to green space including a wildfl ower meadow and a community orchard. The development is a short drive from Malvern.

elan-homes.co.uk/developments/threejs 01299 888 232

FROM £315,000

THAMESMEAD, LONDON

Southmere

Once complete, Southmere will offer 500 new homes alongside a public square, library, shops and amenities. Only a limited number of apartments in the fi rst phase remain and Peabody is offering Stamp Duty paid on the remaining three bedroom properties, with the next launch of 100 homes coming soon. Homes have elegant kitchen/living areas with extensive storage and built-in appliances, extending on to spacious balconies. Nearby Abbey Wood Overground station makes London Bridge accessible in 22 minutes, Bond Street in 25 minutes and Waterloo in 35 minutes. When Crossrail arrives, commuters will reach Canary Wharf in 11 minutes.

southmere.co.uk 020 8740 2060

FROM £90,000*

WALTHAMSTOW, LONDON

L&Q at Blackhorse View

This collection of 108 one and two bedroom shared ownership apartments is directly opposite Blackhorse Road underground station (Zone 3). Journeys into King's Cross take 13 minutes on the Victoria Line, making the apartments ideal for commuters. The apartments have spacious rooms, fully integrated appliances and an enviable private balcony, in addition to the landscaped communal podium gardens. Situated within the wider Blackhorse Lane regeneration area, the development has been designed with excellent environmental credentials, including rooftop solar panels to help reduce carbon emissions.

lqhomes.com/blackhorseview 020 8189 7503

* Based on a 25% share of the full market value of £360,000

FROM £151,250*

FINSBURY PARK, LONDON

Patchworks

Patchworks is a fi ve-storey building comprising a collection of one, two and three bedroom apartments above new retail units. All have large windows, with most facing the quieter rear of the development, and benefi t from access to a roof-top garden. Residents will enjoy the balance of urban life and green space; Islington is host to 154 parks and seven miles of safe cycling routes. Finsbury Park and Arsenal stations are both within walking distance. Served by the Victoria Line, King's Cross St Pancras is 4 minutes away and Oxford Street 10 minutes. During September, Peabody will offer legal fees paid up to £1,500 plus a £500 voucher if you reserve on the day.

peabodysales.co.uk/developments/patchworks 020 7021 4842

* Based on a 25% share of the full market value of £605,000

HOUNSLOW, LONDON

L&Q at High Street Quarter

FROM £75,625*

High Street Quarter is an exclusive collection of one to three bedroom apartments available through shared ownership. Positioned just off of Hounslow High Street, the new neighbourhood will have a multitude of retail, leisure, and transport options right on the doorstep. Designed to a high specifi cation, the apartments maximise interior space with open-plan layouts. Each home is complete with a private balcony or terrace, so residents can enjoy their own outdoor space. There are also 16 awardwinning parks within easy reach, including the National Trust-owned Osterley Park and House. Hounslow station is a short walk, connecting residents to London Waterloo in just 40 minutes by train. Heathrow airport is a 10-minute journey on the Piccadilly Line from nearby Hounslow East tube station. Cycle storage and a select number of parking spaces will be available, in addition to access to the Zipcar Club located at the development.

lqhomes.com/hsquarter/ 0333 3558 497

* Based on a 25% share of the full market value of £302,500

CAMBERLEY, SURREY

Lumina

FROM £212,500

Berkeley’s collection of contemporary one and two bedroom apartments at Lumina is located at the heart of the town’s regeneration area. The homes boast contemporary kitchens, with a choice of doors and composite stone worktop fi nishes, allowing residents to personalise their space, as well as a range of NEFF integrated appliances. Master bedrooms feature views of the garden terrace, fi tted wardrobes in a separate and secluded dressing area, and an en suite bathroom. Residents will benefi t from impressive on-site facilities, including a private screening room, business lounge, fi tness suite and a secure car park. Camberley railway station is directly across the road, with Ascot reached in 12 minutes, and London Waterloo just over an hour away. Trains from nearby Farnborough station reach London in just 35 minutes. Drivers are also well served, with the M3 just 12 minutes away, providing excellent connections to Winchester and Southampton.

berkeleygroup.co.uk /developments/surrey/camberley/lumina 01276 817 113

CASE STUDY

Leanne, 30, had started saving to get on to the property ladder but believed buying in London was out of reach – until she discovered shared ownership. Leanne purchased a 35% share in a one bedroom apartment at SO Resi Clapham Park this year, putting down a £7,000 deposit on her new home.

Business Analyst Leanne was renting a fl at with a friend prior to the fi rst lockdown. When her friend moved, Leanne was torn between renting alone or moving into a house share. “I didn’t think I’d be able to buy,” she recalls.

“I came across SO Resi Clapham Park and was amazed when I found out I could afford to buy – so I went for the house share and saved as much as I could – £7,000 is a lot of money but it’s so much more achievable, and it motivated me to save because I knew my target was within reach.” SO Resi Clapham Park is part of a wider regeneration that will see 2,500 new homes built. She adds, “My apartment is on the fourth fl oor with views over the courtyard, then on the other side of the apartment I have a balcony; so on one side I can watch the sunrise, then watch the sunset on the other! Outdoor space to myself in Zone 2 is amazing, and I love sitting on my balcony.”

Leanne’s monthly payments for mortgage, rent and service charge come to about £1,300. “I feel like it’s win-win,” she says, “because each month I’m paying for my own property and investing in my future, whereas before I was paying someone else’s mortgage.” She has signed up to SO Resi Plus, which allows her to staircase in 1% increments each year at an agreed, fi xed price. “I’ve set a target of reaching 50% ownership in two years, and 100% ownership in fi ve years,” says Leanne.

CASE STUDY

Carly, 34, and her partner Marc, 33, were the very fi rst residents to move into Inland Homes’ brand new seaside development, The Wessex, situated a short walk from Bournemouth’s award-winning sandy beach.

Carly, an administrator at Bournemouth airport, and Marc, a Trade Analyst, were renting a two bedroom top fl oor fl at in Poole and initially began their property hunt there, but then came across The Wessex. Carly recalls, “We just completely fell in love with the apartments and stopped our search there and then! "One of the biggest selling points was the fact that I absolutely love the beach, and we’ve got Bournemouth beach just fi ve minutes walk from our new front door.” The couple were also particularly impressed by the secure underground parking and landscaped communal gardens there.

Carly and Marc’s new apartment also benefi ts from having its own outdoor space, which the pair are delighted by. Carly comments, “We now have access to a huge wraparound terrace that goes from our lounge to our bedroom, so we have lots of space. We’re really looking forward to getting a bistro set and enjoying the summer evenings dining al fresco. I might even try my hand at gardening or growing some herbs or vegetables too!”

Carly and Marc had already been saving towards a deposit for two years and found lockdowns really helped to boost their savings as they were spending so much less on going out. They opted to use the Help to Buy scheme; the lowerlevel deposit required meant they could purchase sooner than they had hoped.

Carly’s role as a Key Worker also enabled them to benefi t from Inland Homes’ scheme offering them 1% off the purchase price. The couple were pleasantly surprised at how straightforward the buying process turned out to be. They are currently busy making their new house a home and are excited to welcome friends and family to enjoy it too.