Mortgage: HSBC cut rates on their new 90 percent deals today as savers build up deposits

In a survey of over 2,000 people, it was found that nearly two-fifths (38 percent) of people manage to save enough money to buy a house throughout 2020, with 34 percent detailing they expect to buy a property in the near future.

However, some two thirds of people (58 percent) were underestimating the average amount needed to save for a deposit by £17,000.

Additionally, the pandemic has also given British people a new perspective on what they find important in a home, with 30 percent now seeking a property with room for a home office, while 15 percent are looking to relocate entirely as they don’t need to be near their offices.

Caroline Hughes, a co-founder of Lifetise, provided the following comments along with the research: “In spite of the overall economic uncertainty, this survey shows that for a significant number of people , it’s been easier to save in 2020 than they expected – because we’ve had nothing to spend our money on!