Buying property with friends could benefit FTBs
Getting an initial foot on the property ladder can be a difficult step for first-time buyers (FTBs); however, an expert has suggested that purchasing property with friends can act as a helping hand.
Graham Lock, director and co-founder at Housenetwork.co.uk, warned that house prices may not return to their previous levels in the next five years as the troubled financial climate continues to play a major in people’s monetary situation.
He advised that sharing a house with a friend could be one way of helping FTBs be able to afford their property and cut the costs by 50 per cent. This would mean that people do not have to resort to renting which they had not planned to do in the first place.
Mr Lock added: “They [potential buyers] can find a house-sharing partner who is also struggling, so join forces and at least you’re on the ladder at 50 per cent ownership.”
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