New research has revealed that one in four young people believe it will be impossible to ever be in a position to buy their own property.
According to Post Office Money Mortgages, 27% of couples that own a home between the ages of 18-34 feel that they would have only been able to purchase together.
This is interesting news for buy-to-let landlords, with many people left with no choice but to rent.
On average, half of young couples living together are renters. 22% said that they made this move in order to save as much money as they could.
The average price of a starter home for a first-time buyer increased by 7% (£12,785) in the last year to hit £183,385. The typical earnings of a first-time buyer household in the UK is £50,000.
Despite trying to get finances in order before buying their own home, 34% of young coupled homeowners said that they do not contribute to finances equally.
Owen Woodley, Managing Director of Post Office Money, said: ‘It’s natural that once couples get serious they want to start building a life together, particularly when they see the potential of their shared income. However, saving towards the purchase of a home can be understandably daunting and the joint effort to reduce your shared cost of living and boost your savings can sometimes lead to friction in a relationship.’
As a provider that works with a large number of first-time buyers, Post Office Money Mortgages knows that saving towards a deposit can be a stressful time. As such, we have introduced a new range of fee-free mortgages which only require a five per cent deposit, so the prospect of homeownership feels like a more achievable goal,’ he added.