New research has revealed that one in four young people think it would be impossible to buy a home without a partner.
According to Post Office Money Mortgages, of home owning young couples aged 18-34, 27% feel they would have only have been able to buy a home together.
On average, half of young couples living together are renters, while half jointly own a home.
A large number of couples are motivated by practical reasons when taking this step, with 22% admitting they made their initial move in order to save money.
Young couples will spend four years together on average before deciding to buy a home, with more than a fifth moving in together in order to save money.
The average price of a starter home for a first-time buyer has increased by 7% over the last year to £183,385.
Despite joining their finances in order to get into their first home, 34% of young coupled homeowners admit they didn’t contribute equally and for some this eventually led to tension in the relationship.
Cohabiting couples looking to buy together are taking other steps to save money as they try to get on the ladder, such as socialising together rather than separately (38%).
One in 20 young couples live with one of their parents, with 29% feeling the decreased rent relieved stress while they were saving. However, they admitted the situation lacked privacy (31%) and led to their parents scrutinizing their finances more (14%).
Owen Woodley, managing director of Post Office Money, said: “It’s natural that once couples get serious they want to start building a life together, particularly when they see the potential of their shared income.
“However, saving towards the purchase of a home can be understandably daunting and the joint effort to reduce your shared cost of living and boost your savings can sometimes lead to friction in a relationship. In order to make the process less daunting, couples could benefit from marking their significant ‘savings milestones’ with fun, frugal celebrations.
Loading ...