In a bid to escape the rental trap, young first-time buyers are getting creative!
According to a Lloyds Bank survey, a whopping 51% of under-35s are open to co-buying with friends or family members. This non-traditional route is gaining traction as a way to make home ownership more affordable and achievable.
While 62% still dream of buying their first home with a partner, many are exploring alternative options. The top reasons? Affordability (60%) and trust (56%) in their co-buyers. Interestingly, 14% believe this might be their only way onto the property ladder.
However, it's not all smooth sailing. Some young buyers feel uneasy about financial discussions, even with close friends or siblings. Traditional reliance on parents for a deposit is also waning, with 48% feeling ashamed to borrow from family, compared to 34% who feel confident doing so.
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Amanda Bryden, mortgage director at Lloyds Bank, highlights the shift: “Buying with a friend or sibling can be appealing because you have probably known this person for a long time. But it's crucial to discuss financial implications openly and consult a qualified solicitor.”
This trend shows young people are willing to think outside the box to achieve their home ownership dreams. As one third (32%) of 18 to 34-year-olds put it, they “don’t care how” they buy a home, as long as they get on the property ladder.
So, if you’re a young buyer feeling the pinch, why not consider co-buying? It could be your ticket to home ownership, just make sure to have those all-important financial chats first!
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