Graduates teaming up to buy property

Almost three quarters of all graduate buyers now purchase property with a member of their family, a friend or a partner, Scottish Widows has revealed.

The firm's latest graduate first-time buyer study has found that 72 per cent of graduate buyers now opt for joint mortgages, up from 69 per cent a year ago.

Yet 69 per cent of this group say they would be unable to buy out their partner or friend should relations take a turn for the worse.

"In principle, with a widening gap between earnings and house prices, [joint mortgages are] a good idea, as it can help overcome some affordability issues," said Scottish Widows Bank communications manager Amanda Docherty.

"[But] nobody wants to end up in a situation where they find it extremely difficult to share a home with someone they no longer get on with but can’t afford to do anything about it," Ms Docherty added.

Even a 20 per cent correction in house prices will mean a significant number of first-time buyers are still unable to buy a home of their own, Firstrung advised earlier this week.

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