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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|
|East of England||£2,333||£1,200||£1,133|
|Yorkshire & Humber||£2,023||£725||£1,298|
Research by WeBuyAnyHome 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.
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: