Would you be willing to share your home with someone else in order to get on the property ladder? It appears that nearly four in five (77%) people in the UK planning to become homeowners in the next two years will do so by sharing their purchase with someone else, a study carried out by Santander Insurance shows.
The poll, which approached around 2,000 people in the country, found that around one in five people now plan or consider getting on the property ladder in the coming 24 months. Of them, 39% will buy property jointly with a friend, relative or unmarried partner, the results suggest.
Some 22% of these transactions will be made by unmarried couples, while 13% of the purchases will be carried out together with parents. Another 4% hope to buy a home with a friend or other relative in the next two years. At present, just 7% of people own a home jointly with their unmarried partner, 3% share the ownership with their parents and 2% with a friend or other family member.
The main reason for resorting to a joint property purchase was affordability, cited by 23% of respondents. Just a fifth said they would share the home ownership simply because they want to live with the other person and 16% said a joint purchase would cost them less. Some 15% hope to get a foot on the property ladder with another person to afford a larger estate and 9% stated they considered shared ownership to be a sound investment opportunity.
It’s good to share… but do you (or would you?) share a property?