Even though the property market witnessed a boom during the COVID-19 pandemic and restrictions period, the first-time buyers' average age was pushed back by about two years. The furlough scheme ran between March 2020 and September 2021. Under it, the government paid wages of people to the extent of 80 percent if they were asked to halt working.
The average income of people during the pandemic period was 31,646 pounds. This means those who were on the scheme lost about 8,000 pounds in earnings.
The average first-time house buyer for prizes above 200,000 pounds required a deposit of fewer than 30,000 pounds. The buyers simultaneously enjoyed an additional 1.8 years of saving to help bridge the mortgage deposit gap.
According to the latest data on the GetAgent website, the average age of first-time buyers was pushed to 34 following the furlough scheme amid the Covid pandemic. An increase in house prices has made buying a home tough.
GetAgent CEO and founder Colby Short said the pandemic has added difficulties for first-time homebuyers due to a reduction in earnings.
COVID-19 virus was first identified in December 2019 in Wuhan, China. It is a contagious disease and spread across the world thereafter. It led to pandemic, lockdown and restrictions. Its symptoms include fever, headache, cough, loss of taste, loss of smell and breathing difficulties.
The outbreak was initiall referred as Wuhan coronavirus or simply coronavirus. Some even called it Wuhan pneumonia as several diseases in the past were named after locations like the Spanish flu. The World Health Organization named it COVID-19 in January 2020 to prevent social stigma. The CO was for corona while VI referred to theÂ virus. The D was for disease and 19 for the year 2019 as the first case was identified in 2019.
The virus is transmitted through people's breaths. It contaminates the air in the form of droplets and airborne particles. The particles are exhaled by the people suffering from the disease while talking, sneezing or coughing. The probability of transmission is more when people are within a short distance. Hence, people are asked to maintain a safe distance while in public and remain indoors.
The prevention measures include staying at home, avoiding crowded places, ventilating indoor spaces, wearing a mask, getting vaccinated and washing hands. Those who are diagnosed with the virus are asked to stay home and get medical care.
The vaccines provide immunity against the virus and countries have implemented distribution plans.