Business

'Buying with a partner may be only way on to property ladder for many'

A survey by Skipton Building Society found that nearly a third of people who are not on the property ladder think the only way they will be able to afford to buy a home is with a partner
By Vicky Shaw, Press Association Personal Finance Correspondent

NEARLY a third of people who are not on the property ladder think the only way they will be able to afford to buy a home is with a partner, a survey has found.

Some 31 per cent think the only way they will be able to buy a home is as a couple, while one in 10 (10 per cent) believe they will never be in a position to purchase a property, according to research by Skipton Building Society.

On average, those polled believe it will take them around five years to own a home.

When choosing a place to live, would-be home-buyers said being close to shops would be the top location priority - ahead of being near family or work.

The biggest turn-offs for aspiring home-buyers would be a property not being clean, poor internet speed and not having outdoor space or a scenic view, the survey found. Meanwhile, a quarter (26 per cent) said estate agents showing them around unsuitable properties was a frustration, and 13 per cent were vexed about focusing their property search.

The research also questioned people who have bought a home - and found a quarter (24 per cent) based their decision to purchase on "gut instinct".

One in 12 (8 per cent) home-owners said they let their partner make the final choice when they bought their property.

Skipton has created a free first-time buyer scorecard on its website, to help people focus when making their property search.

Kris Brewster, head of products at Skipton Building Society, said: "A property choice is the biggest financial decision most of us make in a lifetime and, understandably, people want to get it right the first time."

More than 2,000 people were surveyed across the UK.

Enjoy reading the Irish News?

Subscribe from just £1 for the first month to get full access

Today's horoscope

Horoscope


See a different horoscope: