Would you buy a home with a stranger? 1 in 7 say they’d do just that to get on the property ladder
How keen are you to get on the property ladder? Keen enough that you’d consider buying with a complete stranger? Well, according to new research, one in seven young Britons are willing to do just that.
Bank giants HSBC quizzed 2,000 Brits aged 18 to 40, and the results demonstrate just how important yet remote property ownership appears to that generation. An incredible 83 percent said they felt they would never be able to afford to buy their own home.
According to the research, four of five of those who participated (80 percent) would be happy to co-own and live in a property with someone who is not their partner, with 59 percent confessing they are “open to the idea” of buying with a stranger so long as they ticked all the right boxes.
Bringing together potential partners
If you’ve ever thought of buying with a mate from down the pub, you’re not alone – 4 percent of those quizzed said they’d consider the idea. And are you so enthusiastic about owning your own home that you’d even buy with your ex? Well, one in 20 people who talked to HSBC admitted they’d think about going down that route.
HSBC is now planning a unique speed-dating event called Home Bae on National Singles Awareness Day, February 15, to bring together people interested in meeting someone they could potentially buy a home with.
Clear agreement from day one
HSBC mortgage expert Chris Pearson said: “We understand the challenges that young buyers are facing today and that they are willing to think outside the box to get on the property ladder, even contemplating the idea of buying with a stranger.
“Buying a house is a life-changing financial commitment, and there’s no doubt this is an unorthodox way of doing it. People who are considering this step need not only to find someone responsible and compatible, they also need to dot ever ‘I’ and cross every ‘t’ to avoid a difficult situation in the future, especially when it comes to selling.
“It’s important to have a clear agreement in place from day one so you both know what’s expected of you.”
The research is part of HSBC’s annual Beyond the Bricks Report, looking at home-buying habits and attitudes around the world.
