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Co-buying a solution to the first rung?
22/10/2007
Solicitors in Northern Ireland may see an increasing number of strange alliances coming to them for conveyancing services, as co-buying becomes a more popular method for single first-time buyers to get onto the property ladder.
Spokesperson for Coy-BuyWithMe website Andy Michaels said: "The concept of co-buying is starting to become more established in the marketplace. More and more people are heading in that direction."
According to the Council of Mortgage Lenders, the typical first-time buyer in Britain and Northern Ireland is aged 28.
Mr Michaels explained: "Initially people would leave home at 19 or 20, get married, save up for a house etc. That concept of people getting married that young has slowed right down. People don't get married when they're 19 anymore; they're getting married at 25, 26. And they're thinking: 'I'm not going to get married, but I still want to get on the property ladder'...What other options do they have if they're not in a relationship?"
He added that mortgage lenders are happy with the new trend of co-buying as there is less risk involved of all of those involved defaulting on repayments. "That's an indication that [co-buying] is becoming acceptable as far as the establishment is concerned, the fact that mortgage lenders are prepared to do that," Mr Michaels said.
Despite the drop in house prices in recent months, solicitors in Belfast are still likely to see plenty of clients taking the co-buying option, as properties are still too expensive for first-time buyers to be able to afford on their own.
"The amount of people buying may slow down, but people will still be looking for ways of purchasing," Mr Michaels said. "Most first-time buyers are getting a little bit apprehensive about what the marketplace is going to do, but they know they still need to get on the ladder at some stage. [Co-buying] is still sowing the seeds for the future."
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Spokesperson for Coy-BuyWithMe website Andy Michaels said: "The concept of co-buying is starting to become more established in the marketplace. More and more people are heading in that direction."
According to the Council of Mortgage Lenders, the typical first-time buyer in Britain and Northern Ireland is aged 28.
Mr Michaels explained: "Initially people would leave home at 19 or 20, get married, save up for a house etc. That concept of people getting married that young has slowed right down. People don't get married when they're 19 anymore; they're getting married at 25, 26. And they're thinking: 'I'm not going to get married, but I still want to get on the property ladder'...What other options do they have if they're not in a relationship?"
He added that mortgage lenders are happy with the new trend of co-buying as there is less risk involved of all of those involved defaulting on repayments. "That's an indication that [co-buying] is becoming acceptable as far as the establishment is concerned, the fact that mortgage lenders are prepared to do that," Mr Michaels said.
Despite the drop in house prices in recent months, solicitors in Belfast are still likely to see plenty of clients taking the co-buying option, as properties are still too expensive for first-time buyers to be able to afford on their own.
"The amount of people buying may slow down, but people will still be looking for ways of purchasing," Mr Michaels said. "Most first-time buyers are getting a little bit apprehensive about what the marketplace is going to do, but they know they still need to get on the ladder at some stage. [Co-buying] is still sowing the seeds for the future."
Get a quote for residential property legal services
