11% would stay in a relationship to buy a house
Just how far would you go to get on the property ladder? According to the latest research, it will take nearly nine years in Yorkshire & the Humber to save for a house on your own.
With that in mind, now it’s been found that more than one-in-10 homeowners would stay in an unhappy partnership to buy their first property. The research also found that 1.8 million (3%) adults in the UK have already done this - a figure expected to rise to 7% within the next five years.
What’s behind this?
This country has always been one to prioritise owning a home, and just in the last five years prices have risen by more than a quarter. The result of this means that you need a bigger deposit and considering that a mortgage lender will offer a maximum of four and a half times your salary, purchasing on your own is increasingly tricky.
On top of this, first-time buyer households have dramatically dropped to 654,000 - from 922,000 just 20 years ago.
Buying a home usually drops monthly outgoings - the latest English Housing Survey showed that it cost 17% less than private renting - and this just further fuels the desire for a home.
How do the experts see it?
Speaking of the London & Country Mortgages study, David Hollingworth, their spokesperson, said:
We place a great deal of importance on owning our own home and, of course, buying property is one of the biggest financial moves you can make.
With such large sums needed for deposits and combined salaries often the only option to achieve the required mortgage, the temptation to stay with a partner is understandable.
People should think clearly when it comes to such a large financial leap, especially if they are planning on staying in a relationship just to be able to afford a mortgage or deposit. They may face issues down the line.
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