More than one in seven young Britons (14%) would be willing to buy a house with a total stranger – in a desperate bid to get on the property ladder.
The HSBC study of 2,000 Brits aged 18–40 revealed the true extent to which buying a property now feels completely out of reach for the younger generation.
A staggering 83% claimed they will probably never be able to afford to buy their own property.
According to the report, 80% would co-own and share a property with someone who is not their partner. A further 59% said they would be ‘open to the idea’ of buying with a stranger – if they ticked all the boxes.
A desperate 4% said they would be prepared to move in with ‘a mate from the pub’, while just under one in 20 are so desperate to get on the property ladder, they would even be prepared to buy with an ex.
The study also revealed modern Brits have a clear idea of the top traits the perfect housemate or should have, with odour free, and clean and tidy in the top five.
The list of attributes also includes being able to cook a cracking roast, earning over 50k a year, having a penchant for a good BBC drama, having a good credit rating – and (in an ideal world) not being a vegetarian or vegan.
While clean, serene and someone who is a financial dream were topping the list of priorities for co-ownership, people said their pet peeves include extreme mess, irritating behavior, someone bringing undesirable people home, and not paying their share of household bills.
It’s all about the money
The study found 27% of people said their annual salary would not get them a big enough mortgage to but a property where they would like to live, while 25% said it would be nice to split the bills with someone else.
Overwhelmingly, 75% of young Brits said that if they get the chance they will buy a house purely to live in, rather than as a buy to let, while 9% said they will rent out a room to help with the mortgage.
“We understand the challenges that young buyers are facing today and that they are willing to think outside the box to get on the property ladder – even contemplating the idea of buying with a stranger,” comments HSBC mortgages expert Chris Pearson.
“That’s why we’ve run this research on the perfect homebuying partner and are holding Home Bae, the UK’s first-ever speed dating event for co-buyers.”
“Buying a home is a life-changing financial commitment and there’s no doubt this is an unorthodox way of doing it. People who are considering this step need to not only find someone responsible and compatible – they also need to dot every ‘i’ and cross every ‘t’ to avoid a difficult situation in the future, especially when it comes to selling. It’s important to have a clear agreement in place from day one so you both know what’s expected of you.”
Home Bae took place in February and saw young people brought together in a unique speed-dating style event to meet someone they could potentially co-buy with.
The study is part of HSBC’s annual Beyond the Bricks report, which looks at home-buying habits and attitudes across the world.
The perfect housemate according to Brits:
- Pays the bills on time – 80%
- Is clean and tidy – 70%
- Keeps the bathroom clean – 56%
- Does NOT have body odour – 51%
- Is open to compromise – 48%
- Is calm under pressure – 42%
- Can do DIY – 39%
- Has savings in the bank – 38%
- Loves pets – 37%
- Is fun loving – 36%
- Does not play loud music – 35%
- Has a good credit rating – 31%
- Is a good listener – 28%
- Keeps the fridge well stocked – 26%
- Is a meat-eater – 24%
- Does NOT talk too much about themselves – 23%
- Lets you borrow their things – 23%
- Will deal with all the household admin – 22%
- Lends you books and movies – 20%
- Loves a good BBC drama – 19%
- Has monthly savings targets – 19%
- Earns over 50k a year – 18%
- Cooks a cracking roast – 18%
- Does a ‘chemist run’ when you’re ill – 17%
- Likes to be in bed by 11pm – 17%
- Has a Netflix account – 16%
- Has a family holiday home somewhere warm and sunny – 16%
- Does not snore – 16%
- Owns a car – 15%
- Is stylish – 13%