Young people explore non-traditional routes to homeownership

More young people than ever are considering moving in with a friend or sibling as housing costs continue to rise in the UK. With house prices approaching nine times the average salary, many young people are finding it increasingly difficult to get on the property ladder. Research from Lloyds Bank shows that just over half of young people would be willing to buy a home with a friend or sibling. This trend has been picking up in recent years, with more young people exploring non-traditional routes to achieve their housing goals. Shared mortgages have become a popular option, allowing individuals to split the cost of the deposit and make homeownership more affordable. The rental market has also become less appealing for some, prompting them to bypass it altogether and buy a home with a friend or sibling. However, experts recommend seeking legal advice before entering into a shared property purchase to understand the implications and protect future interests. 

The Independent (11/08/2024)