Buying a home with a partner no longer seen as a long term commitment

Buying a home with a partner no longer seen as a long term commitment

According to a new report from L&C Mortgages, despite 5.1 million UK adults delaying starting a family or getting hitched in order to buy a home, fewer than 8% see owning a property with a partner as a greater example of a long term commitment.

People are making significant cutbacks across the board in order to buy a home with someone but they don’t consider it to be a binding vow.  Collectively, a fifth (20%) of people have moved in with parents, taken a second job or delayed starting a family or a wedding in order to save for a deposit.

Cutbacks to buy a property

%

Cut back on luxuries (e.g. holidays)

22%

Cut back on household spending

17%

Moved in with parents to save for the deposit

7%

Took a second job

7%

Delayed starting a family

7%

Delayed a wedding / marriage

4%

L&C looked into what people believe to be the biggest life commitment and can reveal that a third (33%) of UK adults believe that getting married to someone is the best example of a long-term commitment, while 21% believe being in a long-term relationship with someone is the best example.

Surprisingly, having children came in lower, with 18% stating this is the best example, but bricks and mortar don’t set commitment in stone.  Recent L&C research however found that 1.8 million UK adults admitted to staying in unhappy relationships just to get on the property ladder, so are things changing in terms of what’s seen as a major commitment?

Biggest life commitment

%

Getting married to someone

33%

Being in a long-term relationship with someone

21%

Having children with someone

18%

Buying a home with someone

8%

Working for the same employer for a long time

5%


As house prices remain high and the ability to get on the property ladder seems a distant goal for a lot of people, it is no surprise that owning a home is seen as more of a commitment among 18 – 34 years olds than the older generation (12% vs 6% of over 55s).  Marriage falls down the list of commitments among the 18-34 years olds (25% vs 42% of over 55s) but still remains the most committed act for Brits on the whole.  
 
L&C also looked into who is making the biggest financial commitment when it comes to forking out a deposit. Almost one in ten (9%) of homeowners in a relationship said their partner or spouse paid the entire deposit vs 18% paying it fully themselves. When looking at the gender split of who puts up the cash for a home, a quarter of men (26%) paid all of the deposit for a home vs. one in ten women (10%).
 
David Hollingworth from L&C Mortgages said: “With high house prices, rising living costs and wage growth at a virtual standstill, buying property with a partner is perhaps no longer seen as a major long term commitment for people, as it seems like such a distant possibility.  Perhaps for some buying seems so far off in the future that it has fallen down their list of commitments.  
 
Our research shows that people are making cutbacks in order to buy a home. That extends beyond the reining back of household and luxury spending and is forcing some to hold back on major life changes such as starting a family or getting married.  
 
Buying with a partner will certainly be one of the biggest financial commitments you can make.  It’s therefore crucial to think clearly and plan, especially as home ownership is so entwined with the long term goals of marriage and raising a family.”

Join our mailing list:

Leave a comment



Latest Comments

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.

view article
maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

view article
maggie swift
maggie swift 09 Oct 2017

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

view article
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...

view article
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...

view article
Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

view article
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

view article
sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

view article
Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

view article
Chris
Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

view article
Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

view article
Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

view article

Related stories

More articles from Property