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While today’s decision by the Bank of England MPC was literally a no brainer it does not help the thousands of home owners who are struggling to make ends meet. As we read another report from the...
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Friday 23rd November 2007
New figures show an increase in the number of first-time buyers (FTBs) who are buying a property together.
Research by Scottish Widows found that 72 per cent of graduate FTBs bought a house or flat with a partner, family member or friend.
Last year this figure was 69 per cent and this year's figures also reveal that more than two thirds of new buyers could afford to buy their partner out.
Amanda Docherty of Scottish Widows Bank said: "In principle, with a widening gap between earnings and house prices … it can help overcome some affordability issues.
"However, this is not an arrangement that people should rush into."
She went on to suggest that the government's shared ownership schemes could provide opportunities for shared ownership where there were no worries about not being able live happily with a 'purchasing pal'.
Recent research from Abbey found that the cost of renting and owning were moving closer together and it was better to rent in some areas.
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