Can I Buy a House on My Own?
In 2018, it is widely believed that you cannot buy a property on your own. With salaries not keeping up with house prices it is not surprising that many think they will rent for their entire life unless they inherit a large sum of money or secure a very well-paid job.
A study by The National Housing Federation revealed that, on average, first-time buyers in London would need to save £2,300 a month to own a property by 2021. With an average monthly salary in the city floating around the £2,833 mark, this means savers would be left with just £533 to fund their rent, bills, groceries and leisure activities.
Here’s how the rest of England tallies up:
| Area | Average Monthly Income | Savings Per Month to buy in 2021 | Monthly Spend Left |
| South East | £2,509 | £1,410 | £1,099 |
| South West | £2,077 | £1,000 | £1,077 |
| East of England | £2,333 | £1,200 | £1,133 |
| West Midlands | £2,083 | £823 | £1,260 |
| East Midlands | £2,166 | £787 | £1,379 |
| Yorkshire & Humber | £2,023 | £725 | £1,298 |
| North West | £2,083 | £723 | £1,360 |
| North East | £2,034 | £638 | £1,396 |
Research by We Buy Any Home analysed the opinions of 2,094 UK citizens in relation to buying a home. Data revealed that 1 in 6 people do not believe it is possible to buy a property alone and 30% of respondents think that you cannot buy a property without financial help from sources such as family or friends.
The results for men and women were extremely close, with 1 in 3 men convinced buying a property alone is impossible, and 1 in 4 women agreeing. However, the majority of women (30%) believe it is possible to buy a property if you have help with a deposit.
33% of all those surveyed aged 35 and overdo believe you can buy a property on your own. This is in stark contrast to the 18 to 34 bracket, where 1 in 3 people don’t think you can buy a property alone and a further 1 in 4 believe you cannot buy a property without financial help.
When broken down by country, Scotland and Northern Ireland were the more optimistic, with 33% of Scottish people and 50% of Northern Irish people thinking you can buy a property on your own. 63% of Welsh respondents do not believe it is possible to buy a property on your own or without financial help, which is a sentiment shared by 2 in 3 English people.
How to make buying a property on your own a feasible goal
Whilst our research highlights that many people in the UK don’t believe buying a property on their own is an achievable goal, there are things to think about that could potentially make the process easier:
- Clean up your credit score and rid yourself of any debt and credit card borrowings as much as possible
- Get all your paperwork together and keep a neat store of any documents
- If you are self-employed, be prepared for added scrutiny from lenders
- Try and put down a minimum deposit of 15% to save from unmanageable mortgage repayments
- Focus only on properties you could comfortably afford
- Take into consideration the long term costs of homeownership such as council tax, bills, insurance, parking permits, maintenance and any other service charges
