22 Oct

'Co-buying becoming more and more appealing'

'Co-buying becoming more and more appealing'

Co-buying is becoming more and more popular among first time buyers looking to get on the property ladder, it has been claimed.

According to Andy Michaels, spokesperson for Co-BuyWithMe.com, the popularity of the practice is reflected by the fact that more and more mortgage providers are offering co-buying products.

The tendency for young people wanting to get married later, but still to get a foot on the housing ladder in the meantime, has contributed to co-buying's move into the mainstream, he added.

"Initially people would leave home at 19 or 20, get married, save up for a house et cetera. That concept of people getting married that young has slowed right down, people don't get married when they're 19 anymore; they're getting married at 25, 26.

"And [before that] they're thinking: 'I'm not going to get married, but I still want to get on the property ladder'- What other options do they have if they're not in a relationship?"

Recent figures from the Council of Mortgage Lenders showed that the average age for first time buyers now stands at 28.

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