Co-buying ''more established''


Mon 22nd Oct, 14:24:28 BST

More Brits are considering buying a property with friends, family or even strangers in order to get a foot on the property ladder, it has been suggested.

Andy Michaels, a spokesman for co-buywithme.co.uk, a website offering advice to those interested in co-buying, said that the strategy, which involves between two to four people jointly purchasing a house, is becoming less of a novelty.

"The concept of co-buying is starting to become more established in the marketplace, more and more people are heading in that direction," he said.

As well as offering buyers the chance to own a home or make an investment, Mr Michaels suggested that co-buying is also proving attractive to mortgage lenders, commenting: "With a few people [involved] it''s a safe bet."

He added that despite speculation about the future of the housing market, which some analysts have predicted is heading for a slowdown, co-buying is still a good option, especially for first-time buyers.

"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," he said.ADNFCR-1143-ID-18325735-ADNFCR


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