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

SecomTech
SecomTech 22 Jun 2017

AT Last...This was discussed years ago and there was a move towards landlords registering their bad tenants on a database..(can't remember where) It seems a logical step though our leaders will probably...

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Bertrand
Bertrand 02 Jun 2017

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AmberMorris 25 May 2017

"Please don't pick a novelty tune-playing doorbell. They're not 'fun'. They're stupid." Laughed a lot to this. It's actually true, though.

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Oliver Conway
Oliver Conway 18 May 2017

Making a neat inventory is a good idea, but if the seller is not willing to provide it, can the buyer demand it?

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Bertrand
Bertrand 17 May 2017

First step to nationalisation of the private rented sector IMHO. Nanny state poking their noses into things yet again. I object, as a decent landlord, sometimes having to deal with some pretty awful tenants,...

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Izzy
Izzy 16 May 2017

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paul burnham 30 Apr 2017

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CommercialTrust
CommercialTrust 28 Apr 2017

Sadiq Khan?s announcement of an online database of landlords and letting agents who have been convicted of housing offences, appears on face value to be a variation of the already implemented Database

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warren
warren 26 Apr 2017

You're very welcome Mary! Glad you enjoyed them :)

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Mary Ward
Mary Ward 26 Apr 2017

Thank you for the wonderful ideas. First impressions can make or break a deal. It's sadly that many homeowners drop the kerb to create an off-street parking space.

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MH 13 Apr 2017

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