25-09 - Flipbook - Page 28
Mi n i str i es
Is buying with friends the future of housing?
With house prices having risen over the last decade, many young people have found it
tough to get on the property ladder. Some are choosing to co-buy with friends, but it is not
without its risks.
Courtney McClure is buying a six-bedroom house with her husband Alex and another
couple in south London.
The deal is almost complete and the group is excited to make the property in Sydenham,
which has a large garden and big communal spaces, their own.
Pooling their resources with another couple has enabled them to buy in a "much more
appealing" location with better transport links than if they had bought a place separately,
Courtney says.
"We're getting a lot more for our money," adds Alex, a 32-year-old sound engineer.
But money should never be the sole motivation to buy with friends, Courtney says. "It's such
a big thing. You're sharing your world. I think if you were just doing it for cost reasons, you
probably wouldn't enjoy it."
Her view is echoed by Lucy Jordan who believes buying property with friends, or cobuying, is "the answer".
Not only is it a wise choice financially, it is also the "best option", because "people are
better off living in groups", she says.
"People are trying to decide how best to make the most of their lives," says Lucy, who
currently lives in Harlesden, north London. For her this means buying a property in or near
Dover, with her partner and four friends.
The group has not laid their eyes on any particular places, but Lucy says: "We're all quite
passionate about it. It's definitely the way we're going to go."
Are more people doing this?
M&S Bank believes there has been an increase in people co-buying. Last year it launched
a "mortgage for four", following research it says showed that the "majority of millennials
would take out a mortgage with two or more people to get a foot on the property ladder".
Winnie Agbonlahor
