28 Mar

Single people struggling to buy homes

Single people struggling to buy homes

It is increasingly difficult for single people to step on to the property ladder, according to new research.

A study from Post Office Money found one in four young people believe it is impossible to purchase a property without a partner because of the need to have a joint income.

It is estimated 45 per cent of young couples living together rent a home, while 44 per cent own a property jointly, while 22 per cent move in together to try to save money to buy a home.

However, for single people this is more difficult because of the average cost of a starter home now standing at £183,385 and requiring joint average earnings of £50,000 to finance it.

The research also discovered saving to step on to the property ladder can be difficult for those in a relationship, with the financial pressures leading to increased tension.

“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,” said Owen Woodley, managing director of Post Office Money.ADNFCR-1222-ID-801834000-ADNFCR

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