Growth in shared home ownership
More than a third (39%) of joint property purchases in the next 2 years will be made between friends, family members and unmarried couples, a survey by Santander has found.
The research found that 77% of people who plan to purchase a house in the next 2 years will buy jointly.
Of those who are planning to buy a house in the next 2 years:
- 22% will do so with their unmarried partner
- 13% will purchase with a house with their parents
- 4% will buy a property with a friend or relative.
The main reasons for buying a house jointly:
- 23% said shared ownership would make it easier for them to get on the property ladder
- 21% did so because of wanting to live with the other person
- 16% cited financial reasons
- 15% said buying jointly would allow them to buy a bigger property
- 9% said they are going into shared ownership for investment reasons.
Alan Mathewson, head of Santander Insurance, said:
“Sharing the purchase of a property, whether that’s with friends, family or a partner, is a great way to spread the financial burden of home ownership. Most people entering into a home purchase will be looking to keep costs down, but we’d urge people not to cut corners when it comes to life cover, as it provides a vital safety net for those around you.”