Research conducted by UK bank Alliance & Leicester shows that one in four (28%) single first time buyers are putting off buying their first home until they are ready to commit to a person as well as a property.
However, for those couples already renting together, the figures are quite different. More than one in 10 (14%) would not buy their first house with their current partner, while a quarter say it is not the right time in their relationship to take that step. A further one in five renting couples (17%) would prefer to buy on their own in order to keep any potential profits from the future sale of their house.
The number of single households is projected to rise in the future, according to UK government statistics. The new research reinforces this trend, as four in 10 (38%) single potential home owners would still like to buy their own home – with half of them (51%) choosing to do so to keep their independence.
Almost three in 10 (28%) want to live on their own simply because they don’t know or trust anyone enough to buy a property with them.
Stephen Leonard, director of mortgages at Alliance & Leicester, said: Singletons needn’t think that they have to wait for another person to be able to get on the property ladder. More and more lenders are moving towards assessing how much people can afford by looking at their individual financial circumstances as opposed to more old-fashioned income multiples. This will mean a truer reflection of how much people can spend on a mortgage each month.