According to a survey by London and Country Mortgages, the number of adults in the UK who are prepared to remain in an unfulfilling relationship simply to buy a property is expected to increase over the coming five years.
The research revealed that 11% of respondents would stay in an unhappy relationship if it meant they would be able to buy a home. The survey also revealed that 1.8m, or 3%, of people have admitted that they have already done this, and this figure is expected to increase to 7% over the next five years.
This may be due to the increasing property values, which have soared by 25% over the last five years, requiring buyers to find a larger deposit than previously. In addition, buyers also need to have a sufficiently large income to be able to borrow the sum needed and to afford the repayments. The average deposit for buyers is £50,000, while in London this soars to double the amount. Around 20 years ago, there were 922,000 first-time buyers, but this number has fallen to 654,000 during 2015-16. Just a decade ago, 66% of first-time house buyers were in a couple, in contrast to 74% in 2015-16.
The spokesperson for L & C Mortgages, David Hollingworth, says that people may be tempted to stay with a partner due to the high sums required for a deposit and the large salary required. However, Hollingworth also added that buyers needed to consider their emotional wellbeing, as they may face problems further down the line. A CeMAP qualified mortgage advisor may be able to help people find an affordable mortgage without needing to sacrifice their happiness.
