22
Oct
'Co-buying becoming more and more appealing'
Co-buying is becoming more and more popular among first time buyers
looking to get on the property ladder, it has been claimed.
According to Andy Michaels, spokesperson for Co-BuyWithMe.com, the
popularity of the practice is reflected by the fact that more and
more mortgage providers are offering co-buying products.
The tendency for young people wanting to get married later, but
still to get a foot on the housing ladder in the meantime, has
contributed to co-buying's move into the mainstream, he
added.
"Initially people would leave home at 19 or 20, get married, save
up for a house et cetera. That concept of people getting married
that young has slowed right down, people don't get married when
they're 19 anymore; they're getting married at 25, 26.
"And [before that] they're thinking: 'I'm not going to get married,
but I still want to get on the property ladder'- What other options
do they have if they're not in a relationship?"
Recent figures from the Council of Mortgage Lenders showed that the
average age for first time buyers now stands at 28.
