Buy­ing to­gether to get on the lad­der

Yorkshire Post - Property - - PROPERTY -

STRUG­GLING first-time buy­ers are in­creas­ingly find­ing it eas­ier to get on to the prop­erty lad­der if they buy a home with friends or fam­ily, says the Na­tional As­so­ci­a­tion of Es­tate Agents.

Peter Bolton King, chief ex­ec­u­tive of the NAEA, said of joint own­er­ship: “At a time when a lack of mort­gage fi­nance is hin­der­ing first time buy­ers, opt­ing to buy with a friend or rel­a­tive can rep­re­sent a sen­si­ble way of get­ting into the mar­ket. Twice the num­ber of bed­rooms doesn’t al­ways mean twice the cost, so shar­ing the price of a home, and the de­posit – as well as bills and main­te­nance costs – can make real fi­nan­cial sense. Im­por­tantly, both own­ers don’t nec­es­sar­ily need to live in the prop­erty.”

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