01 Mar 2018

Would you buy a house with a stranger?

Would you buy a house with a stranger?

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. 

Top criteria

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.”  

Help for first time buyers

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.

Please correct the errors below before submitting your request:

Get in touch

Our dedicated client contact team prefer to receive enquiries through our contact form. We'll endeavour to get back to you within 24 hours or during the course of the next working day.

Tick this box if you wish to receive news and offers from Aberdein Considine. By doing, you indicate your consent to receiving targeted email marketing messages from us. On each occasion that we contact you in the future, you will be given the option to opt-out from receiving such messages. You may also email marketing@acandco.com at any time to opt-out.

The personal information that you provide to us in this form will only ever be used by Aberdein Considine (as the Data Controller) for the following specifically defined purposes:

  • email you content that you have requested from us
  • with your consent, occasionally email you with targeted information regarding our service offerings
  • continually honour any opt-out request you submit in the future
  • comply with any of our legal and/or regulatory obligations