Nearly half of prospective home buyers have delayed their plans because of Covid, research by Aldermore has found.

The lender says the average delay is 11.4 months.

Its survey found that 17 per cent of buyers had a purchase fall through because of the pandemic 20 per cent say they had to pull out of buying a property due to lockdown.

Almost half say they are now worried about their financial security and 41 per cent say the pandemic has made it harder to buy than before.

Lockdown has prompted 39 per cent of prospective buyers to reconsider what type of property they are looking for.

Having a garden or balcony is now a priority for 42 per cent, while 33 per are now looking for properties near the countryside or parks.

However, 38 per cent say there are now fewer properties on sale that fit their preferences.

Nearly half of buyers who are looking to purchase within the next year say that the stamp duty holiday is likely to help them and a quarter say the tax cut has brought forward their home buying plans, in order to meet the March 31 deadline.

The survey found 21 per cent of first-time buyers are looking to borrow money from friends and family in order to buy ahead of the deadline.

Despite mortgage conditions becoming more difficult, 42 per cent say they are more motivated to buy now than they were before lockdown. 

However, the same percentage felt lockdown had made the journey more stressful.

Aldermore head of mortgage distribution Jon Cooper says: “First time buyers experience strong financial and emotional challenges at the best of times as they go through the home buying journey, but it appears now this has been heightened by Covid-19. 

“The wider economic recovery will be the real determining factor for how the first time buyer market performs this year. 

“First time buyers need job security if they are to feel confident in taking the plunge in what is one of the biggest financial investments of their lives.”