Buying a house is a bigger commitment than getting married for many 25 to 34 year olds in the UK, according to new research from one of the country’s biggest lenders, the Halifax.
The research also shows a difference between the ages when it comes to home buying with partners as only 28% of 25 to 34 year olds were married when they bought their home with their partner, compared to nearly 73% of 35 to 44 year olds.
The research also showed that four out of five homeowners believe they would find it harder to get a mortgage if they were looking for their first house now, and that there is a gap between the sexes when it comes to mortgage payments as over one in 10 women pay more than half their average income on their mortgage, compared to only one in 20 men who pay the equivalent amount.
‘It is interesting to see how different age groups see the market differently. Those aged 25 to 34, who in the majority of cases would have been buying their first house during or after the financial crisis, have clearly been affected. The fact that theirs is the only generation that thinks buying a home with someone is a bigger commitment than getting married speaks volumes,’ said Stephen Noakes, Halifax mortgage director.
‘It is surprising to see that so many people don’t pay attention to their mortgage debts. We would always recommend that customers keep track of their finances,’ he added.
Of those who have a mortgage 28% of 25 to 34 year olds think buying a house with someone is a bigger commitment than getting married.
Some 9% have no idea how much they still owe on their mortgage, not even to the nearest £10,000 but 28% claim to know exactly how much they owe on their mortgage.
Some 80% think they’d find it harder to get a mortgage if they were buying their first home now. This goes up to 92% for those earning between £14,001 and £21,000, but drops to 75% for those earning over £55,001.
Of the 25 to 34 year olds who bought a house with a partner, 64% were with a partner but not married, and only 28% were married In contrast of the 35 to 44 year olds who bought a house with a partner, only 21% were with a partner but not married, and 73% were married.
Also a quarter of 18 to 24 year olds who own a home own it outright, a higher percentage than 25 to 34 year olds, 35 to 44 year olds and 45 to 54 year olds.