Buddy Up
Housing costs have spiralled for everyone in the UK over the last few years. Whether you own a home or rent, bills have gone up, with mortgages and rental prices both reaching record highs. For many young people, the promise of home ownership has become an unattainable dream, as house prices approach nine times the average annual salary.
It’s harder than ever to get on the property ladder, so some aspiring homeowners are looking to non-traditional routes to achieve their housing goals. Research from Lloyds Bank shows just over half of young people would be willing to buy with a friend or sibling – a trend that’s been picking up in recent years^.
We’re aware, from a recent national survey, that over two thirds (70%) of first-time buyers are not ready or able to buy on their own and over half (54%) want to buy their first home with a partner one day. We’re advocating for all independent and/or single people who are just as entitled to home ownership.
As the first-time buyer developer of choice, we’ve launched an incentive to inspire young professionals to purchase their dream home with a friend, sibling or cousin, and be part of the growing ‘Buddy Up’ trend. 'Buddy-ing Up' has grown significantly over the last couple of years, with many first-time buyers unable to take the step alone or without a significant other to boost their affordability.
For those that choose to ‘Buddy Up’ with us, we’ll cover the cost of legal fees and expert advice, up to the value of £2,000. In addition, buyers will benefit from exclusive monetary incentives at developments across London and the Home Counties.
Hear from some of our buyers who chose to Buddy Up to get on the property ladder:
“If you cannot afford a property you love and have a very close and reliable friend, buy with them so you can both get you out of the renting cycle! If you’re unsure of the process, get trusted legal advice, and have every potential awkward conversation with your friend in advance, on all of the situations that could play out, to prevent trouble in the future.”
“We were really surprised by how easy it was for us to buy a home together. Fairview were very transparent and guided us through the process. The only challenges came from solicitors, but these were more to do with the general challenges of buying a house - such as understanding terminology and figuring out the questions you need to be asking during viewings - rather than the process doing it with a friend.”
Sales and Marketing Director at Fairview New Homes, Chris Hood, said: “For as long as we can remember, people have been led to believe that you have to buy your first home with a romantic partner or on your own. Sadly for many, that simply isn’t possible given the present day costs of taking that step and the fact that many people are yet to meet someone – you can’t wait around forever!"
As more than one in 10 (12%) don’t know how to buy with a friend, we hope our ‘Buddy Up’ incentive helps first-time buyers understand the feasibility and benefits of buying this way; in recognition that 17% do not think it its sensible legally to buy with a friend, we’ve teamed up with PCS Legal, Property Lawyers regulated by the Council for Licensed Conveyancer, to offer expert advice giving friends the confidence and guidance they need to buy together.
Daman Singh, Conveyancing Executive at PCS Legal, said: “Buying with a friend is largely no different to buying with a partner or a family member. We’d always advise parties buying together to get a Trust Deed, also known as a Declaration of Trust, a legally binding document which outlines how much money each person contributed and what happens in various scenarios such as the property being sold or one buying the other out. We advise buyers hold the property as Tenants in Common, so they can detail different shares and enter a Declaration of Trust.”
To further help friends, siblings or cousins onto the property ladder, we also offer a contribution towards deposit or Stamp Duty at all of our developments^. Simply get in touch with our sales team for more information.