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.”

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