Would-be first-time buyers in Scotland and the East Midlands are more likely to get on the housing ladder alone than those across the rest of the UK, new research has found.
According to the latest report from the Nottingham Building Society, only 32 per cent of aspiring first-time buyers believe they would be able to buy a home on their own. In Scotland, however, this figure rises to 45 per cent, and increases to 41 per cent in the East Midlands.
The analysis also discovered 58 per cent of respondents felt they would need to be part of a couple to get their first home while 9 per cent aim to buy with either friends or family. Men were more likely to be first-time buyers with friends or family than women, with the data showing that 10 per cent of males would move in with friends and family, compared with just 6 per cent of women.
The Nottingham Building Society report found 43 per cent of potential first-time buyers have delayed getting on the housing ladder due to concerns over what post-Brexit could do to house prices.
The average first-time buyer expects to spend almost £211,500 for their property, with a deposit of £44,000. The study showed respondents believed the deposit needed to buy would be equivalent to 64 per cent of their combined annual salary.
Senior Manager for Nottingham Mortgage Services, Ben Osgood, explained:
“For most, buying as a pair is a result of taking that next step with your partner. However, considering the high deposits needed and the house prices buyers face, for some going halves is the only option to get on the ladder, so it’s a positive trend to see so many with the financial ability to go it alone.”
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