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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Tony Gimple
Tony Gimple 09 Dec 2017

Linking professionalism to limited company borrowing is a flawed concept. Despite S24 etc., limited companies are the most tax inefficient way of running a property business and leave borrowers seriously...

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Evelyn Attwood
Evelyn Attwood 01 Dec 2017

It's normal. If you plan to buy a house in one of the most beautiful spots in the country you should pay a high price.

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Evelyn Attwood
Evelyn Attwood 01 Dec 2017

I think that the situation will be the same at December.

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Scott Garnet
Scott Garnet 06 Nov 2017

If you have a patio or a porch it is important to make sure that any connecting doors are secured. Good advice for sliding glass doors is replacing the panels with storm resistant glass and getting heavier...

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richardrawlings
richardrawlings 01 Nov 2017

What has not been mentioned here is the effect of not only higher interest payments, but also that these payments are less likely to be offsettable as a business cost due to the scaling back of mortgage...

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Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

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maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

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maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

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zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

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Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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