Wed, 19 Sep 07
Today’s generation of first time buyers realise that pooling funds is the most affordable way of getting on the housing ladder, reports Linden Homes...
Linden Homes has reported a significant increase in the number of friends and family members becoming joint property owners, as today’s generation of first time buyers realise that pooling funds is the most affordable way of getting on the housing ladder.
The average age of a first time buyer in 2007 has reached 34, with typical deposits in the region of £25,000 as house prices continue to soar. Consequently, many buyers are now viewing the process as a continuation of their flat sharing days, teaming up with like-minded individuals to gain an earlier footing on the ladder.
Keeping it in the family
Twenty-nine year old accountant Anthony Acquah began his property search by looking for a one bedroom apartment in London, but found that his budget would only stretch to properties he found to be too small. An opportunity arose when Anthony’s sister Donna (31) also decided to buy, allowing the pair to pool resources in order to buy a larger home together. Their combined funds allowed them to buy a spacious top floor duplex apartment for £350,000.
Anthony said: It was very fortunate that Donna and I were looking to buy a place at the same time. Neither of us could afford to buy a decent sized apartment around London on our own, so clubbing together has enabled us to get a larger home which suits our needs.
Paul Cooper, Managing Director of Linden Homes South East, comments: Buying jointly with friends or siblings is becoming increasing popular as young people struggle with property prices in today’s market. By pooling funds, raising a deposit becomes more manageable and the combined income enables sharers to buy a home they actually want to live in.
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