Following huge property price rises across the UK, first time buyers are struggling to afford to buy a home. However waiting and saving a larger deposit is not the only answer, and a growing number of people are buying a flat or house with friends, especially in cities.
Teaming up with friends makes both buying and owning a property more affordable. It's a way of stepping onto the property ladder, and sharers who own, rather than rent, will benefit from any further increases in house prices.
Over the last few years, estate agents and mortgage lenders have grown more familiar with the idea of sharers buying a house together, so there should not be many practical difficulties. Even so, the process is a little more complicated than it is for single people or couples. And as most sharers will want to move on within a few years, they do need to be careful about the type of home they buy.
Buying a home with friends is a way to afford a better property than you could alone, or one in a better location. But do talk to local estate agents and surveyors first, as larger homes can be harder to sell than smaller properties such as flats. They will also be more expensive to maintain. On the other hand, paying extra for a good location almost always pays off.
'Think about the layout of the property. Two or three unrelated people sharing a home will need more space than a couple. Flats often appeal to sharers because they need little maintenance, but flats often have just one living room, perhaps including an open-plan kitchen', says Tom McClelland, of McClelland Salter estate agents in Lisburn and Northern Ireland housing spokesman at the Royal Institution of Chartered Surveyors.
For sharers, a traditional Victorian house with two reception rooms offers more privacy, he suggests. At the very least, look for a place with a lounge and a kitchen large enough for a dining table.
