New research from M&S Bank has found that buying with multiple friends or siblings is becoming an increasingly popular option for young, aspiring homeowners. Around 60% of those aged 18-35 said they would consider taking out a mortgage as a group to make home ownership a reality, compared to 26% of people aged over 36.
According to the study, 20% of people aged 18-35 do not believe they will be ever be in a position to own their own home, with a mortgage for up to four being their only option to realise their property dreams. Saving for a deposit was stated as the main barrier, with the majority (59%) of 18-35 year olds having less than £1,000 saved up.
“Many young people are trapped in Generation Rent because house prices seem increasingly out of reach,” commented Paul Stokes, Head of Products, M&S Bank. “For many, home ownership appears possible only through sacrificing certain aspects of their current lifestyle – be that moving to a different area, moving to a smaller property than they’re renting, or seeing their disposable income take a significant hit.”
“But our research has shown that millennials are keen for an alternative option – and joint home ownership is one of them – from housemate to mortgage-mate is a natural progression which can enable more people to achieve the otherwise unattainable – their dream of property ownership,” he added.
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