First-time buyers ‘pooling finances’ to buy homes

Scottish first-time buyers may be clubbing together with a partner or a friend in order to take out a mortgage, according to new research.

The Home Sale Network has revealed that the number of first-time buyers in the UK has fallen; however, people deciding to pool funds are on the increase, Manning Stainton has pointed out.

According to Home Sale Network figures, over the past five years over half of the association’s estate agent members have noticed an increase in this practice.

Some 81 per cent of first-time buyers on the organisation’s books were found to be sharing the cost of buying their first property.

Commenting on these results, David Pank, a spokesperson for Manning Stainton, said: "Buyers are having to find new ways to get the necessary funds together to get on the to property ladder, whether that’s buying with their partner, a group of friends or a family member."

According to the Council of Mortgage Lenders, the average first-time buyer mortgage – including those for Scottish property – for February this year stood at £114,000.