1 in 4 feel that they won't be able to buy a home on their own

1 in 4 feel that they won't be able to buy a home on their own
Saving towards the purchase of a home can be understandably daunting

New research has found that one in four young people believe it will be unable to buy a home on their own.

According to Post Office Money Mortgages, 27% of home owning young couples (aged 18-34), feel they would have only have been able to buy a home together.
 
On average, half of young couples living together are renters, while half jointly own a home (45 & 44%). A large number of couples are motivated by practical reasons when taking this step, with 22% admitting they made their initial move in order to save money. Young couples (aged between 18 and 34) will spend four years together on average before deciding to buy a home.


With the average price of a starter home for a first-time buyer increasing by 7% (£12,785) over the last year to £183,385, the average earnings of a first-time buyer household in the UK is £50,000 – nearly double the average annual salary of a single person (£27,274).

However, despite joining their finances in order to get into their first home, 34% of young coupled homeowners admit they didn’t contribute equally and for some this eventually led to tension in the relationship (20%).

Owen Woodley, Managing Director of Post Office Money, said: “It’s natural that once couples get serious they want to start building a life together, particularly when they see the potential of their shared income. However, saving towards the purchase of a home can be understandably daunting and the joint effort to reduce your shared cost of living and boost your savings can sometimes lead to friction in a relationship.
 
As a provider that works with a large number of first-time buyers, Post Office Money Mortgages knows that saving towards a deposit can be a stressful time. As such, we have introduced a new range of fee-free mortgages which only require a five per cent deposit, so the prospect of homeownership feels like a more achievable goal.”

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Latest Comments

MBM Homelets
MBM Homelets 23 Mar 2017

Although this is a very positive step, there is little or no guarantee of the standard of workmanship employed by the tenants. We have had experience of a professionally decorated property being ' painted'...

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ajay
ajay 21 Mar 2017

How is the "robust evidence" looking now?

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NathanG
NathanG 20 Mar 2017

I've been watching the series so far and am completely baffled by the cases that were presented. Though, I don't think that we can protect ourselves from every scam possible - it will just make the scammers...

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Landlady14
Landlady14 01 Mar 2017

You would think so Niraj Shah! My experience only proves that there are varying qualitiers of professional in all aspects of property letting. None of the ones I have dealt with, from letting agents to...

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Mark
Mark 01 Mar 2017

Thanks for this article. Hopefully one day everybody's lifestyle will be eco-sustainable.

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Ben Taylor
Ben Taylor 28 Feb 2017

I was convinced that London was the most expensive!

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Alan Read
Alan Read 28 Feb 2017

Australia are leading the way in this I think. The trouble with Britain is we don't get enough sun to make use of solar power.

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James Powell
James Powell 27 Feb 2017

This is a very good news.

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DanHumphreys
DanHumphreys 27 Feb 2017

It sounds like a good idea. Anything to help the younger generation get a foothold.

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Matt
Matt 20 Feb 2017

Is this fake news?

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Matthew Hollywood
Matthew Hollywood 07 Feb 2017

Matthew Hollywood - Director Mishon Mackay Land & New Homes - Brighton The shortage of New Homes is in part effected by the lack of land sales. Land sales are held back because there is a disparity between...

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CommercialTrust
CommercialTrust 30 Jan 2017

Hi Graham, Would be interesting to see the above figure calculated against an investment via a Lt Company /SPV structure and if the investor found themselves pushed in to the higher tax bracket. Mortgage...

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