Co-buying is latest property phenomenon

This month''s rise in the interest rate may prompt an increase in co-buying according to one property expert.

The Bank of England unexpectedly upped the interest rate to 5.25 per cent earlier this month which has pushed up the price of mortgages and in some cases rents too as landlords try to recoup their costs.

Ray Boulger, senior technical manager at John Charcol independent mortgage advisors, said that co-buying is a relatively new phenomenon and that once people have heard of it, it will really take off in the UK.

He said: "I know of at least four websites that effectively act as a co-buying matchmaker.

"There''s no doubt that we will see an increase in co-buying, although the interest rate rise in itself won''t make a huge increase."

The government also runs four schemes for people who need help getting onto the property ladder.

Some local authorities allow you to buy houses on shared ownership terms with the local housing association while others allow you to buy shares in a house which you can increase over time.


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