Tenants are less likely to be looking to step on to the property ladder because of the overall impact of the coronavirus, recent research has revealed.
A new Aviva study shows the number of under-25s expecting to move from rental homes to step on to the property ladder in the next five years has decreased from 35 per cent in December 2019 to 27 per cent in May 2020.
The number of households looking to trade up to a bigger property has also fallen from 10 per cent to eight per cent, suggesting the current housing market is causing people to put plans on hold.
The survey carried out by the insurance company gives a glimpse into home life under lockdown, with relationships, properties and homeownership aspirations all impacted.
Aviva interviewed more than 2,000 UK residents in May 2020 – six weeks into lockdown – regarding their current behaviours and future goals.
Selected findings are compared with a similar Aviva survey carried out in December 2019.
The research also revealed that many relationships are feeling the strain.
The number of people aged 25 to 34 who wish to end a relationship has risen dramatically in recent months.
In December 2019, only two per cent of 25 to 34-year-olds had plans to end a relationship but this increased to seven per cent by May 2020.
Smaller increases can also be seen in other age groups over this period: three per cent to five per cent for people aged 16 to 24 and two per cent to three per cent among those aged 35 to 44.
Perhaps predictably, the proportion of people who wish to spend more time with their families has decreased, from 39 per cent in December 2019 to 35 per cent in May 2020.
This trend is even more marked among people aged 25 to 34, where the percentage falls from 40 per cent to 27 per cent, and those aged 35 to 44, where it drops from 48 per cent to 35 per cent.
Unsurprisingly, lockdown has changed the way we use online services.
Prior to the Covid-19 outbreak, 30 per cent of UK residents aged 55 plus used video calls – this has now increased by 26 per cent.
While technology has proved crucial during lockdown to maintain business services and social connections, there are a number of areas where online usage has fallen dramatically.
Just 29 per cent of UK people have shopped for clothes online during lockdown, compared to 69 per cent under normal circumstances.
Online takeaway orders have almost halved from 50 per cent to 27 per cent, while appointment bookings, such as health and restaurants etc, have – understandably – shrunk from 50 per cent to 10 per cent.