You are here: Home - Mortgages - First Time Buyer - News -

A quarter reckon buying without a partner would be ‘impossible’

Written by: John Fitzsimons
One in four single young people believe it would be impossible to buy a home without the help of a partner, a new study has revealed.

The research from Post Office Money Mortgages found a similar percentage of couples aged 18-34, who are already on the housing ladder, believe they could only have bought a property together (27%).

Young couples will generally spend four years together before deciding to buy a home the study found, with almost a quarter (22%) declaring that they moved in together as a way to save money.

Despite joining their finances in order to get their first home, a third of young couples that own a property said they did not contribute equally to the household finances, with one fifth (20%) admitting this had led to some tension in the relationship.

The study found that cohabiting couples have taken a range of other steps in order to save enough money. For example, 38% have taken to socialising together rather than separately, while one in five have given up on a personal ambition, for example travel plans or a new career.

One in 20 young couples choose to live with one of their parents. Around 29% said the decreased rent they paid as a result relieved stress, almost a third (31%) said the situation lacked privacy while 14% said it led to their parents scrutinising their finances more.

Owen Woodley, managing director of Post Office Money, said: “It’s natural that once couples get serious they want to start building a life together, particularly when they see the potential of their shared income. However, saving towards the purchase of a home can be understandably daunting and the joint effort to reduce your shared cost of living and boost your savings can sometimes lead to friction in a relationship.

“In order to make the process less daunting, couples could benefit from marking their significant ‘savings milestones’ with fun, frugal celebrations.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

The savings accounts paying the most interest

It’s time to get your finances in shape, and moving your cash savings to a higher paying deal is a good plac...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week