Halifax: First-Time Buyers Are Joining Forces to Buy Properties
Nearly two-thirds of first-time buyers are teaming up to get on the property ladder, according to new research.
Some 63% of first-time buyer mortgages taken out between January and December 2023 were in joint names with two or more people, Halifax found.
Buyers are facing serious pressure trying to save for a deposit while rent and living costs are high, it said.
The analysis looked at the bank's own data and data from Lloyds Bank and Bank of Scotland, part of the same group.
Separately on Wednesday, new figures from the Nationwide showed that the average UK house price increased by 0.7% month-on-month in January as the outlook for the property market looked a "little more positive".
However, prices are still 0.2% lower than a year ago.
The Lloyds Banking Group was the UK's biggest mortgage lender in 2022, according to figures from the trade association UK Finance.
The proportion of joint mortgage completions has seen a small increase, now making up 63% of those for first-time buyers, compared with 58% in 2021.
The Halifax suggested it was "unsurprising" that the majority of first-time buyer applications were joint, given the increase in the upfront deposit required over the last decade.