Research from Alliance and Leicester Mortgages shows that more than a quarter of single first time buyers think buying a property is as much a part of a symbol of love and commitment as the exchanging of wedding rings.
Twenty-eight per cent of single first time buyers are putting off buying their first home until they have met the partner of their dreams, although another 24 per cent would prefer to buy their first property with a friend.
"It seems like bricks and mortar are on the way to becoming the new marriage vows, with single people even wanting to delay buying their first property until they have found 'the one'," said Stephen Leonard, director of Mortgages at Alliance and Leicester.
"Singletons needn't think that they have to wait for another person to be able to get on the property ladder," he continued, saying that mortgage lenders are now assessing people's individual rather than combined incomes, giving "a truer reflection of how much people can spend on a mortgage each month".
The number of single households is rising. There are currently over 6.4 million single households in England alone, and Alliance and Leicester's research suggests this statistic is likely to rise.
According to the survey 38 per cent of single potential homeowners would like to buy property on their own, with keeping one's independence the reason given by the majority of respondents for doing so.To read more on mortgages, click here.
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