01 Mar 2018
Many young Britons say they would buy a home with a stranger to get on the property ladder.
A new study of 2,000 people aged between 18 and
40 by HSBC has revealed the true extent to which buying a property now feels
increasingly out of reach for the younger generation - with 83% claiming they
may never be able to afford to buy their own property.
According to the report, 80% would co-own a property with someone who is not their partner, with a further 59% saying they’re at least open to the idea of buying with a stranger - if they ticked all the right boxes.
Four per cent said they would be prepared to move in with someone they met in the pub, while just under one in 20 would even consider buying with an ex-partner.
The study asked young Britons to share their top criteria for their ideal buying partner from a personal and financial point of view.
The perfect individual would be clean and tidy (70%), be a dab hand at DIY (39%), love pets (37%), does not play loud music (35%), enjoy a good TV drama (19%) and be able to cook a good roast (18%).
The all-important financial criteria include paying the bills on time (80%), and has savings in the bank (38%).
HSBC mortgages expert Chris Pearson said: "We understand the challenges that young buyers are facing today and that they are willing to think outside the box to get on the property ladder - even contemplating the idea of buying with a stranger.
“Buying a home is a life-changing financial commitment, and there’s no doubt this is an unorthodox way of doing it.
“People who are considering this step need to not only find someone responsible and compatible - they also need to dot every 'i' and cross every 't' to avoid a difficult situation in the future, especially when it comes to selling.
"It’s important to have a clear agreement in place from day one, so you both know what's expected of you.”
Buying a home is often the single most important financial transaction a person will make in their lifetime, so it’s important to make the correct decisions.
As an estate agent, law firm and independent mortgage adviser, Aberdein Considine offer everything you need to buy your first home - all 'under one roof'.
This makes us uniquely qualified to help you find and purchase your dream home.