First time buyers committed to homeownership dreams in spite of pandemic, new research finds
Three in five first time buyers (61%) say that buying a home is more important to them now than it was before Covid-19
Nearly half (44%), said they had been able to save more for their deposit during the pandemic
One in three (35%) expect to be able to buy their first home sooner as a result of Covid-19
The pandemic has strengthened the resolve of first-time buyers, who have become more determined to follow their homeownership dreams and save more to get a foot on the housing ladder, new research has revealed.
Three in five (61%) of respondents said that buying a home is more important to them now than it was at the start of the pandemic in March. Over a third (35%) expected to buy their home sooner due to the pandemic and nearly half (44%) said they had been able to save more for their deposit as a result of the impact of Covid-19.
Despite this determination, buyers still face challenges when securing their first home.
With the average monthly saving for those wanting to buy their first home now standing at £336, the Society has estimated it will take a single person seven years and five months to save a 15% deposit for the average first-time buyer home, which is valued at £198,512. 
The research, commissioned by the Society and carried out by Opinium , also indicated uncertainty and mixed fortunes for the finances of some prospective first-time buyers.
In order to meet the demands for a higher deposit, half (50%) of first-time buyers are looking for financial help from relatives. The number seeking support increases to 59% for those buying in the capital.
Yorkshire Building Society is committed to supporting first-time buyers during the pandemic, offering mortgages for 90% LTV when capacity has allowed and advancing over 4,000 mortgages in this market since lockdown began in March.
Ben Merritt, Mortgages Acquisition Manger at Yorkshire Building Society, said:
“Getting on the housing ladder seems to be more important now than it ever was. Whether it’s being in shared rented accommodation whilst juggling home and work life, or spending lockdown back in the family home, the pandemic has clearly increased the resolve of first-time buyers who have increased their savings and are more determined than ever to buy their first home.
“It’s a real priority and life ambition for many people, but getting there still remains a challenge which is why we are seeing many lean on relatives for support with deposits. Despite the lower availability of higher LTV products, there are options available to first-time buyers and so it pays to do your research to help you get the support you need.”
The Society has also created a guide for those who are getting ready to buy their first home so they know what to expect when viewing property and getting their first mortgage during this pandemic.
 Average house price and deposit values from Office of National Statistics data. Calculations by Yorkshire Building Society, based on research conducted by Opinium Research, with a sample of 2,001 prospective first-time buyers (defined as people who are intending to buy their first home within the next three years). Fieldwork was carried out between 11 August and 18 August 2020.
 All 2020 figures, unless otherwise stated, are from research conducted by Opinium Research, with a sample of 2,001 prospective first-time buyers (defined as people who are intending to buy their first home within the next three years). Fieldwork was carried out between 11 August and 18 August 2020. All 2018 figures, unless otherwise stated, are from YouGov Plc. Total sample size was 948 potential first-time buyers (next 12 months). Fieldwork was undertaken between 21st March - 11th April 2018.