Two out of five aspiring first-time buyers say they will be able to buy a home sooner than they had previously expected because of the pandemic, according to Yorkshire Building Society.

Almost half of would-be buyers saved an extra £500 a month on average since the pandemic started, but they still face a four-year wait to take the first step on the property ladder.

Not everyone is better off, however, as 21% of buyers say the Covid crisis has delayed their plans.

Getting on the ladder remains a key ambition for many, with 71% of those looking to buy saying that home ownership is essential to feeling like they have succeeded in life.

The pandemic has heightened that desire, with 61% of buyers saying that getting their own home is more important now than it was before Covid hit. 

Yorkshire Building Society senior mortgage manager Ben Merritt says: “Our research shows that for those who have benefited financially from the impact of the Covid-19 crisis, it’s fuelled the ability to save more for a first home and brought the first step on the property ladder closer than people previously expected.

“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.”