Ditching the daily commute has helped first-time buyers in Milton Keynes save 12% towards a deposit

New research has found that first-time buyers - who would normally commute to London - have used their time in lockdown to save, save, save.

According to online mortgage broker Trussle, people in Milton Keynes have saved £2,573 which equates to 12.14 per cent of the deposit needed to buy a two-bedroom property of £211,946 - just by ditching the daily commute.

Nearby Bedford also fared well, with first-time buyers managing to save 11.83 per cent through home working for a property valued at £201,807.

The figures were recorded during April to August.

Miles Robinson, head of mortgages at Trussle, said: “We’re living in a time where many people’s finances have been impacted and household finances are stretched. However, money saved by working from home could offer some consolation for those who are currently saving to step onto the property ladder.

"For some first-time buyers, the savings from not taking their regular commute during lockdown could have added a boost to their deposits. Also, it’s likely they have saved on other costs like lunches in the city, which will have bolstered their deposits further."