A large proportion of couples who own homes together have a ‘break-up’ plan in place so they can fairly divide their property in the event of a divorce or split, a survey has revealed.
According to the study by Good Move nearly two in five Brits have made preparations for such an event – a figure which increases to more than half amongst those in the more pessimistic 25 to 34 age group.
In fact, buying a house with a partner is certainly not something adults go into lightly. The survey of 2,000 people found buying a home with a partner is considered a bigger commitment than marriage amongst the under 25s.
And purchasing a property is such a major relationship milestone, even adults aged between 25 and 44 put it on a par with getting married.
Relationship fears
But the fear of breaking up with a partner, and the potential difficulties involved with dividing assets, was enough to dissuade one in five UK adults from becoming homeowners altogether.
And, the research found, nearly two-thirds of Brits in relationships would only buy a property together if they’d trialled cohabiting first, something which Good Move said was a really sensible way to approach the situation.
Ross Counsell, director at Good Move, said: “Buying a house together is a huge decision for couples, not just because of the significant financial commitment, but if the relationship comes to an end, it can be incredibly complicated and stressful to deal with the logistics.
“With recent changes to divorce legislation making it easier to end marriages, buying a house is now understandably seen as the primary relationship milestone.
“It’s why so many Brits want to live with their partner first before committing to buying anywhere.”
The survey also found, on average, people wait nearly two years and two months before buying a home together, as a couple. This is only slightly longer than the average wait for weddings, which is two years and one month.
Good Move also zoned in on the different regions, as part of its research, to identify the areas of the UK where couples took the longest to buy a house together. You can find out more about this part of the research by clicking here.
