Friends and colleagues Lorenzo (30) and Mirko (37) had been renting together in Finsbury Park for almost seven years, struggling to see a way onto the London property ladder. That was until their light bulb moment, when they realised they could simply combine their savings and buy together, opting for a two-bedroom, two-bathroom apartment with a balcony at Dock28 in Woolwich by Fairview New Homes.

Casino Croupiers, Lorenzo and Mirko have lived in London for 10 years and were beginning to grow tired of the city’s high rental prices and putting their hard-earned money into their landlord’s pocket. The route onto the property ladder alone seemed out of reach, until they decided to work together to achieve their dream. “I never imagined I could own a home in London – I thought I would only ever be able to rent in the city. I also never thought about buying with a friend, but after living and working together in London for so long, we realised it might be the best way for us to become homeowners,” said Lorenzo.

“I don’t know anyone else who has bought with a friend, but I’ve heard it’s starting to become more popular as many other people are struggling to buy on their own, particularly in London. If you’re one of those people, I’d recommend considering this option.”

Data from Fairview New Homes, found that just 23% of people aged 18-45 yet to purchase their a home are confident they’ll be able to buy their first home own, which makes it no surprise that many first-time buyers are exploring less conventional ways to get onto the property ladder.

Mirko said: “Of course, it’s more typical for someone to buy their first home with their partner, but there can be many reasons why someone isn’t ready or able to do this. The process of buying with a friend isn’t really any different to buying with a partner – there are the usual conversations about where to buy, what to buy, but this is normal, and in the end, the process was very smooth and quick.”

Similarly, with finding and buying a home with a friend, when the comes to sell and move on, the process is also straightforward.

Mirko continued: “We know we are not going to live together forever – the important thing is buying together got us off the rental market and a place that is our own. We have spoken about all eventualities, like if one of us decides to leave the country or wants to move in with a partner, we can always rent out the property or sell up and go our separate ways. You can always get a written contract between you for peace of mind.”

Technically there’s no difference between selling a property with a friend than a partner and going separate ways, but in both situations it’s always advisable to seek legal advice to understand what options there are. Fundamentally there are two: both parties must first agree to the sale and can then simply split the profits (equity) or one can buy the other out of their share of the property.

The main motivation for Lorenzo and Mirko to buy was simply to get a foot on the property ladder and out of the rental market. The friends decided on Woolwich and Dock28 specifically for a number of reasons.

Lorenzo said: There’s a fantastic atmosphere in Woolwich and its undergoing significant redevelopment, which is exciting for us as residents but also from an investment point of view.”

“I also love the positioning of our home – it’s so peaceful being right by the river so we can enjoy nice walks alongside it and we can easily get to places like Canary Wharf via the Elizabeth Line and Greenwich is also close. We can also get to central London from Woolwich station in just over 20 minutes, which is helpful as we work in Mayfair.

“We’re on the 8^th floor and have a fantastic view of Canary Wharf and the sun shines in all day from the large windows. We were closer to work in our old flat but it’s worth having to travel a bit longer to be in this area.”

When asked what advice he would give to other first-time buyers, Mirko said: “Consider all your options – it’s difficult to buy a home in London so be open to lots of things like buying with a friend. Consider the pros and cons to everything – where you buy and the type of home you buy for example, to make sure it fits your lifestyle and needs. In the end, it’s always a good decision to buy a property especially in a city like London!”

For more information on the buying with friends and what this could mean for you, read this article from BBC.