Lockdown savings help first time buyers defy statistics
A young couple in Warrington have defied the statistics, purchasing their first home together in their late twenties as the average age of first-time buyers in the UK climbs to a record 33.4 years of age.
Victoria (27) and Michael (28) purchased their first home together in September last year in preparation for the arrival of their second child, the first baby to be born at our Rivers Edge development. Their new baby, Freddie, joins his older brother Louie (2) as the latest addition to the family.
After living with Michael’s parents during lockdown to save their deposit, the pair jumped at the opportunity to purchase one of the first released plots at Rivers Edge. Being able to cut back on luxuries such as shopping trips and eating out allowed Victoria and Michael to save a large portion of their deposit in a matter of months.
Many first-time buyers were able to accelerate their purchasing process by moving in with family members during the pandemic, allowing them to save up to an additional £1,769 towards their deposit.
Victoria, an accountant, said: “Now that we’re settled in our new home, we can truly appreciate our journey up to this point. Saving during lockdown allowed us to get onto the property ladder earlier than we expected and purchase our perfect family home to raise our sons.”
Michael, a recruitment consultant, added: “It’s a huge achievement for us to be able to purchase our family home. Being a first-time buyer can be quite daunting but we have had a really positive experience; we couldn’t be happier with our new home and bringing Freddie home to complete our family has been the icing on the cake.”
Gemma Hardy, Managing Director, Countryside Partnerships Merseyside and Cheshire West, commented: “It’s great to hear stories like Victoria and Michael’s as we can appreciate how tough it can be for first-time buyers to get onto the property ladder. We are delighted that the family have settled in well at Rivers Edge and we wish them all the best in their new home.”