A growing number of first-time buyers are teaming up with friends or family to purchase homes together, according to insights from estate agent John Minnis.
Joint home buying has increased, with the share of prospective buyers applying for mortgages jointly rising from 49% in 2021 to 53% in 2024. Crucially, this extends beyond couples. In 2024, 7% of prospective buyers said they planned to purchase with a friend, and 9% intended to buy with a family member.
Affordability challenges are driving this rising trend. In a survey conducted by Lloyds Bank, around 46% of first-time buyers under 35 said they were open to buying with a friend or siblings. Many cite the ability to pool savings (60%) and strong trust in their co-buyer (56%) as key motivators.
In Greater London and its wider regions, sky-high property prices and large deposit requirements make solo home buying increasingly difficult. The Lloyds Bank research points to this when explaining why younger buyers are turning to non-traditional co-ownership models.
Research from Lloyds Bank shows that 51% of young first-time buyers are open to non-traditional routes, with 24% willing to buy with a friend and 22% with a sibling.
Affordability pressures are the biggest driver, cited by 60% of respondents, followed by trust in the co-buyer. While shared ownership schemes remain relatively niche, with around 202,000 households in England, interest in informal co-buying arrangements continues to rise.
As more people consider co-ownership with non-spousal partners, solicitors increasingly advise using deeds of trust or co-ownership agreements to formalise shares and protect each party's interests.
"This shift from solo to shared ownership, especially among friends or family, makes a lot of sense in today's market and is something we have seen rise by around 20% in the last five years," said John Minnis, founder of John Minnis Estate Agents. "Although it's a very wise way to pool resources, build equity and share risks, it's not a decision to take lightly. When you buy property with people you don't fully trust, financial stress can quickly turn into personal stress."
Minnis advises having open, honest conversations upfront about money, future plans and what happens if someone wants to leave.
"Set up a legal agreement - for example, a deed of trust or co-ownership contract to define ownership shares, responsibilities, and exit routes," he said. "Be transparent about contributions: how much each person is putting in, how mortgage payments are shared, and how improvements or maintenance costs will be handled."
"Plan for change: life happens. Make sure you agree in advance on what to do if someone's circumstances change - e.g., job loss, relocation, or wanting to cash out. Seek professional advice: talk to a mortgage broker, solicitor, and (if necessary) a financial planner. Getting expert help now can prevent big problems later."
While co-buying is growing, it involves complex financial and legal arrangements. According to Lloyds Bank, prospective co-buyers must think carefully about relationship dynamics, ownership structure and how credit or trust between parties might affect long-term stability.
Moreover, as noted by The Guardian, legal structures such as "joint tenants" versus "tenants in common" can have major implications, especially for what happens if someone wants to sell their share or in the event of death. As housing affordability continues to be a major barrier, experts expect the trend of co-buying, whether among friends, siblings or parents and children, to keep growing.
In London, it provides a pragmatic way for younger buyers to afford a property. In Northern Ireland, shared equity schemes like Co-Ownership are providing a structured way for more people to access homeownership, especially those unable to raise large deposits on their own.
"If done right, co-buying isn't just a stopgap - it can be a powerful, long-term way to invest, build wealth, and create a stable foundation," Minnis added. "But the key word is right. Get the legal and financial framework in place, be realistic about risks, and choose your co-buyers wisely."
