Solo first time buyers - should they purchase with friends instead? - Estate Agent Today (2024)

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We’ve had the Bank of Mum and Dad so is the next big thing to hit the market a growing number of first time buyers clubbing together and purchasing a home with friends?

New research suggests it might well be – a survey has found that some 38 per cent of would-be purchasers are considering pooling resources with a friend or friends, especially if they are unable to buy solo and have no life partner to move with.

The survey, by a furniture firm, suggests that with the average purchase price among first-time buyers in England at £198,3251 – so requiring a minimum five per cewnt deposit of £9,917 – the idea of buying with friends is gaining currency.

The firm says marriage rates have been declining since the 1970s, with the average duration of marriage lasting just 11.7 years before divorce.

“While many couples are choosing to cohabit rather than marry, others are opting to purchase their first home with friends or siblings instead of with their partner” claims Furniture Choice.

This trend is particularly prevalent in younger adults, it says; 45 per cent of 18 – 24 year olds have thought about buying a home with friends in the past, and 50 per cent are currently considering doing so. One in 10 from this age group state they would trust a friend more than a partner when it comes to making such a big commitment.

However, of the 62 per cent who wouldn’t considering buying with siblings or friends, most cite potential complications if they ‘fell out’ or a lack of trust in their friends to be able to make the appropriate financial contributions.