Buyers favour friends over partners when purchasing first home
Recent research has indicated that adults are choosing to purchase homes with friends rather than partners.
As the property market has continued to change, especially in recent years, there has been a significant shift towards the way in which people are buying homes. Soaring prices mean people are no longer choosing to purchase independently, instead choosing to halve the cost by living with a friend or partner.
However, according to a study by Furniture Choice, it was found that buyers have tended to favour friends over partners when it came to accessing the housing ladder.
The results indicated that 38% of those surveyed were thinking about buying a home with a friend, with the most commonly cited reasons being affordability (54%) and not having a partner to purchase with (42%).
Whilst expense was clearly a problem for those asked, just over a third (35%) stated that they wanted to buy to have ownership stability, but buying with a friend would mean they wouldn’t have to live alone.
Purchasing with friends is more common for the younger generation, with almost half (45%) of those aged between 18 and 24 having considered doing so at some point, and the other half thinking about it currently. Of this particular age group, one in ten stated that they would trust a friend more than a partner when it came to committing to a shared property purchase.
Whilst the trend is relatively new in the property market, the benefits it could bring to first-time buyers should not be underestimated.
Commenting on the significance of the change was Tom Obbard. The Director at Furniture Choice highlighted the evolving nature of cohabiting as well as the positive impact that the trend could have on the first-time buyer market.
“A few decades ago, just cohabiting was unimaginable – it was marriage, or no go. Adults nowadays are much more relaxed about the relationship between having a family and owning a house, and as high prices means it’s difficult to buy alone, it’s refreshing to see individuals turn to friends in order to get on the property ladder.”
Recognising trends such as this may also be beneficial for those within the industry, potentially providing an opportunity for conveyancers to tailor their marketing to the evolving industry.
Highlighting the importance of acknowledging market trends was Karen Babington. The Managing Director of legal marketing specialists, Solve Legal, drew attention to the increase in demand for specialised needs, as well as the opportunities that targeting potential clients could bring.
“These types of trends can be good areas for marketing savvy conveyancers to find extra work. Targeted website content or newsletters explaining how friends can buy together as tenants in common can generate trust and confidence and lead to increased conveyancing instructions.”