Latest research from the Nottingham Building Society shows 63% of first-time buyers bought as part of a couple over the past five years compared with 37% who were able to make it on their own.
Only 18% of those who bought as part of a couple say they would have been able to buy on their own.
The Nottingham’s study of first-time buyers shows the biggest hurdle first-time buyers face is raising a deposit; 47% of those questioned say saving for the deposit or borrowing it from family was the toughest challenge ahead of 33% who say finding a house they could afford and 20% who say it was applying for a mortgage.
First-time buyers’ experiences are backed up by mortgage brokers, the Nottingham said. One in three brokers say the number of joint applications has increased over the past two years while brokers say on average around one in five of first-time buyer clients are buying on their own.
The latest Land Registry data (for March) shows the average house price in England and Wales is currently £189, 901 with average prices around the country ranging from £97,581 in the North East to £534,785 in London highlighting the need for hefty deposits.
Ian Gibbons, senior mortgage broking manager at Nottingham Mortgage Services, part of the Nottingham, said: “Rising house prices increase the pressure on first-time buyers and makes saving for a deposit more challenging.
“Clearly two salaries are better than one and that is driving the rise in the number of first-time buyers who can only afford to buy as part of a pair. It is striking that just one in five who bought as couples believe they could have managed it on their own.
“However there is a lot of help for first-time buyers from the Government and mortgage lenders with special deals and even Help-To-Buy ISAs. You don’t have to be part of a couple but the key to buying your first home is to search the whole market and get specialist advice on the wide range of options available.”
