Bold Street in Liverpool City Centre reopens

VISITORS heading to Liverpool City Centre's bars, restaurants, pubs and cafes are being advised to plan ahead. Council leaders and partners across the City are welcoming the gradual reopening of the drinking and dining scene, but are urging everyone to remember that Covid-19 still poses health risks and socialising will not be the same as it was before lockdown.

Due to limitations put in place relating to Covid-19, social distancing will result in reduced capacity in all venues which reopen their doors. It is anticipated that the majority of restaurants will operate on a pre-booking basis only, and those which don't require reservations will have an outdoor queuing system in place.

Rich McGinnis, who is on the Liverpool Visitor Economy Network Board and is founder of a number of bars and clubs in the City said:- "It's been a difficult time for operators and many are taking a slow and steady approach to reopening and gauging what others are doing across Liverpool. It will be interesting to see what happens not just at the weekend, but over the next few weeks. Hopefully we'll see everyone following the guidelines so we can keep staff and customers safe and start to bring this sector back to life."

A series of FAQs have been produced on a special section of the:- 'Love Your Liverpool' website to help people make a decision about whether they want to make the most of the relaxed lockdown regulations from Saturday.

These include guidance about what visitors can do to make the most of their visit and what measures the pubs, bars, cafés and restaurants are being advised to implement.

the opening comes as the area starts a joint project between Liverpool City Council, Liverpool BID Company and Liverpool Chamber of Commerce, called:- 'Liverpool Without Walls.' It aims to support businesses in creating more outdoor space to accommodate social distancing guidelines. The pilot areas in the City Centre are Bold Street, where architecturally designed furniture that has started to be installed, and Castle Street where road closures will be introduced to benefit both pedestrians and businesses. For more information about the project head to:- LoveYourLiverpool.com.

Councillor Sharon Connor, Liverpool City Council's Cabinet Member for Regeneration and Highways, said:- "The reopening of the Hospitality sector is an important and welcome stage in the easing of lockdown, but it's vital we strike the right balance of supporting businesses to bring about a much needed boost to the local economy and at the same time keep the public safe. Liverpool is in a good place at the moment, but we cannot be complacent. We're grateful to the industry for adhering to guidelines and putting in measures that ensure people can enjoy food and drink in a safe way. But the main message to anyone thinking of a trip to the City Centre, or to other popular Hospitality areas in the City, is to plan your trip. Pre-book where possible and understand that things will be different and it is highly unlikely you will be able to visit numerous venues in 1 outing. Take it slow and steady and do everything you can to minimise risk to yourself, those around you and your City."

Britain's 1st time buyers eager to buy in 2020 despite COVID-19, research from Legal and General Mortgage Club shows

93% of 1st time buyers say they are still considering buying a property in 2020, despite the impact of the COVID-19 crisis; with a small majority of 51%, who say they definitely intend to buy this year New research from Legal and General Mortgage Club shows that the majority of 1st time buyers (54%) think it has been easier to save during the pandemic, with a third (31%) saving more than ₤100 extra each week In some instances, 8% of buyers were even bringing forward their plans, while 22% of the others are now planning to buy in a more rural area.  The COVID-19 crisis has not dissuaded 1st time buyers from pressing ahead with their housing plans, new research shows. Data from Legal and General Mortgage Club has found that 93% of 1st time buyers are still considering buying in 2020, with 51% stating that they definitely intend to buy this year. The figures challenge concerns that the Coronavirus pandemic has prevented thousands of people, including those stepping onto the ladder, from buying property this year.

Around 35% of 1st time buyers said that the pandemic has had no impact on their plans to buy, while the average delay in buying for those that have been impacted was seven months. Buyers in Wales face the shortest delays to their plans of just under 6 months, while those in the East of England and London intend to put their plans on hold by almost eight months. However, some buyers have chosen to move more quickly as a result of the pandemic, with 8% saying they will bring forward their plans.

This eagerness amongst 1st time buyers to step on the ladder can in part be explained by their improved ability to save during the crisis. With a reduction in costs on transport and social activities, 31% of 1st time buyers say they have been able to save more than ₤100 each week towards a deposit on top of what they were already putting away. On average, 1st time buyers were saving ₤107 extra every week, with buyers in London (₤127), the East of England (₤126) and the North East (₤118) saving the largest additional amounts. In the capital, some 13% of 1st time buyers were even saving more than ₤250 extra per week.

The data has also revealed that the Coronavirus crisis has caused a shift in property requirements amongst 1st time buyers. 22% of the respondents say they now plan to buy in a more rural area. 1st time buyers in the South West 27% were the most likely to now plan to buy in a more rural location, while those in the North East, 13% were the least likely.

Legal and General's research also showed that the percentage of people rating outdoor space such as a garden as of critical importance has risen by 20% compared to before the crisis. In fact 74% of 1st time buyers now rate having outside space as particularly important. The change in needs was particularly pronounced in London, where the number of buyers rating outdoor space as critical rose from 55% before the crisis to 74% now.

Reflecting the move towards remote working across the UK, the research has also found that the number 1st time buyers seeking properties with space for a home office has almost doubled from 16% to 29%. However, the figures also showed that 39% of Britain's youngest buyers (aged 18 to 24) still want to buy somewhere close to their physical place of work. This is nearly double the figure for the oldest group of 1st time buyers (those aged 45 to 54), of which just 20% rated being close to their place of work as highly important.

Kevin Roberts, Director, Legal and General Mortgage Club, comments:- "Homeownership continues to be an aspiration shared by thousands of people across the UK and it is clear from our research that the COVID-19 Crisis has done little to dampen the ambition of the UK's 1st time buyers. The mortgage market is already seeing pent up demand from homebuyers after 2 months of lockdown. Advisers are busy helping borrowers to find the right mortgage and these findings suggest that this demand is set to continue in 2020 with the majority of prospective homeowners planning to buy this year. However, what we are clearly starting to see is a shift in where Britain's 1st time buyers plan to buy. Where the City was once the 1st choice for many, more are now looking to the suburbs and even rural areas to buy. Remote working and enforced time at home have also both influenced 1st time buyers to seek out properties with more 'office' and outdoor space. This could lead to a rise in demand in previously overlooked areas, which will need to be matched by housing supply. For some buyers, the crisis has even improved their chances of buying their 1st home by making it easier for them to save towards a deposit. Less money spent on commuting or social activities as helped them increase the amount the putting away each month, which could help to bring their homeownership ambitions forward, especially as lenders return to high loan to value lending."

In order to help them onto the ladder, some 1st time buyers are turning to housing schemes or even family and friends. 13% of 1st time buyers who were not planning to use Help to Buy say they now intend to make use of the scheme, with 1st time buyers in Wales most likely to now need the support of the Government backed equity loan. Another 13% also say they will move ahead with buying a Shared Ownership property, despite previously not intending to, including 22% of the youngest 1st time buyers aged 18 to 24. Further data from Legal and General Mortgage Club suggests that mortgage advisers are playing a central role in helping these buyers to find alternative routes. Findings available through Legal and General Mortgage Club's SmartrCriteria tool showed that in the 1st week on June alone, adviser searches for Joint Borrower/Sole Proprietor mortgages were already higher than compared to the whole of May 2020.

In a sign of the ongoing challenges facing 1st time buyers, the data also showed that many were continuing to rely on funding from the Bank of Mum and Dad. 33% of buyers are getting financial assistance from family (including 6% who were not intending to do so before the crisis). Interestingly, even older 1st time buyers were seeking financial support from the 'BoMaD,' 34% of younger buyers aged 18 to 34 are the most likely to be relying on financial support from family, but even 29% of those aged 35 and over say they will ask for financial assistance. This includes 6% who didn't intend to do so before the crisis. And in a demonstration of changing attitudes to homeownership, 12% of younger 1st time buyers are now planning to buy with friends after the crisis; 7% of all 1st time buyers.

Kevin Roberts concludes:- "In an interesting twist, COVID-19's impact hasn't necessarily been to stop 1st time buyers from moving onto the housing ladder, but instead to change the paths many young people are taking into homeownership. COVID-19 and the subsequent lockdown has restricted the number of mortgages on the market at 90% loan to value. While we are seeing some lenders return to this market to the benefit of customers with smaller deposits, the number of high loan to value products remains well below the options available before the crisis. Instead, those with smaller deposits are seeking out alternative routes onto the ladder, including Help to Buy and Shared Ownership, or even buying with friends. At Legal and General Mortgage Club, our latest search figures show that independent mortgage advisers are playing a critical role for borrowers in this respect, helping them to understand their options, from family support mortgages to Joint Borrower/Sole Proprietor products."