- 03
- Jun
Most first time buyers are struggling to buy even the cheapest homes without finding a partner to buy with, and are facing major problems if they decide to sell.
It has been revealed that almost 75% of all would-be first time buyers in the past ten years could not even consider buying a home unless they pooled their earnings to get a home loan. However most are unable to buy their partner out should they decide to sell.
A new survey conducted by Scottish Widows has found the just 44% of those who have left higher education in the past decade have been able to buy a home and 72% of them who did so were forced to join up with a partner, family member or friend in order to do so.
69% of those who have joint mortgages have revealed that if the agreement should turn sour, they would not have the means for buying the other person out.
In the past decade the idea of buying a home as become far more difficult than it had been in previous decades. The cost of an average home has gone from £69,000 in October 1997 up to £198,000 today.
At the same time the cut back in student loans as well as the introduction of tuition fees have left many of those graduating from university further in the red than their predecessors. The average debt of a student graduating now stands at £10,856.
