26 Feb

First-time buying 'easier for couples'

First-time buying 'easier for couples'

Couples find it easier to get on the housing ladder than single people, finance website Motley Fool has said.

David Kuo, head of personal finance at the site, stated that while single people tended to be better off overall, affording a house was easier for those who could pool their incomes.

He stated: "I think the market is such that a single person on a single wage will [find it] impossible to get onto the housing ladder," citing the example of London where the average house was worth ten times the annual salary of an average first-time buyer.

Mr Kuo added that when two £25,000 salaries were added together to make a £50,000 salary that was the basis of a four-times multiple mortgage, this changed the situation markedly.

"Suddenly your market just opens up very, very widely," he commented.

The average UK house price at the end of 2007 was £197,244, according to figures from Halifax.
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