First-Time Buyers Commonly Buying in Couples
First-time buyers are commonly buying in couples in response to rising house prices, Nottingham Building Society research shows.
In the past five years nearly two thirds (63%) of first-time buyers bought in a couple.
Just one in five (18%) who bought with a partner said they could have done it on their own.
Ian Gibbons, senior mortgage broking manager at Nottingham Mortgage Services, said: “Rising house prices increase the pressure on first-time buyers and makes saving for a deposit more challenging.
“Clearly two salaries are better than one and that is driving the rise in the number of first-time buyers who can only afford to buy as part of a pair. It is striking that just one in five who bought as couples believe they could have managed it on their own.
“However there is a lot of help for first-time buyers from the government and mortgage lenders with special deals and even Help-To-Buy ISAs. You don’t have to be part of a couple but the key to buying your first home is to search the whole market and get specialist advice on the wide range of options available.”
The biggest challenge for first-time buyers was saving for a deposit or borrowing from their family (47%) followed by finding a home they could afford (33%) and sourcing a mortgage (20%).
Average house prices in England and Wales stood at £189,901 in March according to Land Registry statistics, with prices ranging from £97,581 in the North East to £534,785 in London.