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Cuts in spending during the height of the COVID-19 pandemic have enabled many planning to buy their first home to save more for their deposits, new research from the Nottingham Building Society revealed.

The study found that one in five (19%) of those planning to buy a house for the first time in the next five years will have deposits saved this year.

It also showed that one in three (32%) will be viewing properties in 2022, while 8% of first-time buyers have already started house hunting.

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Citing results of the same survey, Iain Kirkpatrick, chief customer officer at Nottingham Building Society, said that COVID-19 restrictions placed on people had seen many dramatically cut back on the amount they spent – from eating out, to buying new clothes, and going on holidays.

Of those who were able to save for their first home, 60% have spent less on clothes, 56% have made sacrifices when it comes to eating out, and 51% cut spend on holidays.

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“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,” Kirkpatrick said.

The survey, commissioned by Nottingham Building Society, was conducted by consumer research company Consumer Intelligence, which interviewed 1,023 UK adults online from February 18 –21.

By Rommel Lontayao

Source: Mortgage Introducer

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