Buying together to get on the ladder
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.”