It is well documented that first time buyers in the UK make financial sacrifices to get on the housing ladder and now new research suggest they will also forego happiness in pursuit of being an owners.
Some 1.8 million UK adults have stayed in a relationship in order to buy a house, putting their home over their own happiness and this is expected to rise to 7% of UK adults planning to buy in the next five years.
A survey by L&C Mortgages has found that 11% of all non-home owners would consider staying in a relationship if it allowed them to get onto the property ladder.
The research also found that 44% of people who stayed with their partner to be able to afford a mortgage or deposit did so for more than a year longer than they would have, if buying a property wasn’t in the equation.
Some 40% are currently still together after deciding to stay with their other half in order to buy a home and 15% stayed for up to two years longer than they wanted to.
‘The fact that so many people view staying in a relationship they perhaps don’t want to be in as one of their only options for getting onto the housing ladder is indicative of the struggle people face when buying their first home,’ said David Hollingworth from L&C Mortgages.
‘With such large sums needed for deposits and combined salaries often the only option to achieve the required mortgage, the temptation to stay with a partner is understandable. In the UK, we place a great deal of importance on owning our own home, and of course buying property is one of the biggest financial moves you can make but it isn’t right that people are sacrificing their emotional wellbeing in order to focus on financial stability,’ he pointed out.
When looking at non-homeowners between the ages of 18 to 34 years, the number of people who would consider staying in a relationship to get onto the housing ladder goes up from one 11% to 15%, which is considerably higher than the 4% of their older counterparts aged 55 and over.
L&C’s research also reveals that 63% of those planning to buy feel under pressure to get on the housing ladder and that 36% feel under pressure to buy due to their partner. On top of this 17% said that they feel pressure to buy with their partner but would rather not purchase a property at all.
‘Our research highlights the pressure we put on ourselves to make the huge financial decision of buying a home, and more worryingly the pressure we can feel from our partners. It’s so important to think clearly when it comes to such a large financial leap, especially if you’re planning on staying in a relationship just to be able to afford a mortgage or deposit,’ said Hollingworth.
‘Initially putting your feelings aside solves the problem of being able to get onto the housing ladder, but once the deposit has been paid and the mortgage agreed you may face issues down the line,’ he added.
