A combination of great saving opportunities and falling mortgage rates will help a significant number of first-time buyers purchase a home sooner than planned, says The Nottingham.

The lender surveyed over 1,000 during May and found that 23 per cent of respondents were able to stash more money away and 36 per cent say that they’ll be moving in a year earlier thanks to lower mortgage rates.

An additional 23 per cent of those who asked said that their plans have spent up by six months.

The research also shows that 35 per cent see falling property prices as the key to moving in sooner, with 35 per cent believing that coronavirus-inspired price falls will allow a quicker moving in time.

However, today’s findings from Zoopla reveal rising house prices in much of the UK, including homes in Nottingham rising 4.5 per cent in price in June.

The Nottingham also points out that 8 per cent of its respondents believe they will never be able to afford their own home, and 30 per cent saying that they won’t be able to until they’re 40.

The Nottingham senior mortgage manager Ben Osgood says: “There’s no denying that Coronavirus has had a negative impact on many aspects of life. However, our research has shown that falling interest rates and property prices could mean that many people saving to get on to the property ladder could do this sooner than they originally thought possible.

“We also recognise that in the current environment, with finances impacted and some products have stricter criteria or being withdrawn, it could be harder to secure a mortgage. This is FTBs and those looking to remortgage should consider a whole-of-market broker service to find the mortgage that’s right for them.”