Brits plan to buy jointly

More than three quarters (77%) of UK property purchases over the next two years will be conducted jointly, research from Santander Insurance has revealed.

Two in five (39%) will join friends, family members and unmarried couples as opposed to the common practice of married couples buying together.

As many as 22% who are considering buying jointly in the next two years want to go in with an unmarried partner, while 13% plan to share with their parents and 4% want to purchase with a friend or relative.

One in four (23%) cited getting on the property ladder as the primary reason for buying jointly, while 15% want to move somewhere bigger.

Just a fifth (21%) want to buy jointly simply because they want to live with the other person.

Alan Mathewson, head of Santander insurance, said: “Sharing the purchase of a property, whether that’s with friends, family or a partner, is a great way to spread the financial burden of home ownership.

“Most people entering into a home purchase will be looking to keep costs down, but we’d urge people not to cut corners when it comes to life cover, as it provides a vital safety net for those around you.

“When asked how they would cover the remaining financial commitments in the event that the person they own a home with was unable to make them, only 38% said they would do so through their own financial means.”

Of current homeowners just 7% own with an unmarried partner, 3% own with their parents while 2% hold property with a friend or another relative.

Of those planning on jointly purchasing, unmarried couples are twice as likely as married couples (39% versus 21%) to skimp on life insurance.

Mathewson added: “A quarter say they would rely on the other person’s life insurance, 17% would be forced to sell the property and 9% would seek financial help from family and friends. 6% of those questioned would risk repossession.

“Our research highlights that the majority of those who jointly own or hope to do so, would not be able to cover the full financial commitments by themselves, which really does highlight the importance of life insurance cover.”