Buying a house seen as bigger commitment than marriage
According to Halifax’s State of the Nation: Mortgages research, there is a difference between the ages when it comes to homebuying with partners – only around one in four (28%) 25-34 year olds were married when they bought their home with their partner, compared to nearly three in four (73%) 35-44 year olds.
The research also highlighted that four out of five homeowners believe they would find it harder to get a mortgage if they were looking for their first house now.
There is a gap between the sexes when it comes to mortgage payments; over 1 in 10 women pay more than half their average income on their mortgage, compared to only 1 in 20 men who pay the equivalent proportion.
Stephen Noakes, mortgage director, said: “It is interesting to see how different age groups see the market differently.
Those aged 25-34, who in the majority of cases would have been buying their first house during or after the financial crisis, have clearly been affected.
“The fact that theirs is the only generation that thinks buying a home with someone is a bigger commitment than getting married speaks volumes.”
Interestingly, the survey also found that a quarter of 18-24 year olds who own a home own it outright – a higher percentage than 25-34, 35-44, and 45-54.