More graduates buying property together
Published On 24 November 2007
A new survey has found that graduates are often buying property together as an individual investment in a home becomes an unaffordable option.Scottish Widow's Graduate First-Time Buyer Survey showed that 72 per cent of homebuyers who have left university have bought with a partner, family member or a friend.
Many more people are looking to joint mortgages as a result of strong house prices making it difficult for first-time buyers to get on the housing ladder alone.
However the bank highlighted that with average graduate debt now over £10,000 excluding mortgages, 69 per cent of those with a joint mortgage were not in a position to buy out the other person if living arrangements turn sour.
Scottish Widow's communication manager Amanda Docherty acknowledged the appeal of joint mortgages but urged graduates not to "rush" into a living arrangement they may end up disliking but will have difficulty getting out of.
"With no exit route in place, graduates need to be fully aware of the size of the commitment involved in buying with someone else," she said.
