With the continuing cost of living crisis in the UK, more Brits are exploring purchasing a home with friends and family to share costs and get onto the ladder sooner.
In fact, according to GOV.UK data, the number of households joint owned by two people outside of a romantic relationship has risen by 9.2% from 2015–16 to 2024–25, reaching 236,000.*
To help those considering their options, Barratt Homes’ homebuying experts, Head of Mortgages Adrian MacDiarmid and Sales and Marketing Director Steve Mariner, have shared the pros and cons of purchasing a home with a friend or sibling, alongside findings from a survey of 1,000 Brits exploring whether they would consider buying with friends or family.
Why are people choosing to buy with friends and siblings?
Barratt’s survey of 1,000 Brits asked people what would attract them to buying with a friend or a sibling:
| Why would you consider buying a home with a friend or sibling? | |
| Make buying a home more affordable | 47% |
| Split the cost of a deposit | 40% |
| Share monthly mortgage payments | 36% |
| Get on the property ladder sooner | 27% |
| Buy a bigger or better property | 26% |
| Avoid renting and save money long term | 24% |
| Increase the chance of getting approved for a mortgage | 23% |
| Temporary step before buying alone in the future | 22% |
| Companionship and avoiding living alone | 16% |
| It feels less financially risky than buying alone | 16% |
Speaking on the results, Steve Mariner, Sales and Marketing Director at Barratt Homes, said, “Against the backdrop of ongoing cost of living pressures, affordability concerns dominated the top three factors. These results highlight that Brits are prioritising costs and affordability in the current landscape.
“As the average age of first-time buyers is now 34, choosing to buy with a friend or sibling could help some homeowners move forward with their plans and get onto the property ladder sooner.”
Benefits of buying with a friend or family member
While buying with a partner may seem like the most conventional route to home ownership, Steve explains the potential benefits for those looking to buy with family members or friends rather than buying solo.
He said, “Getting onto the property ladder has become increasingly challenging, but there are now more ways than ever for people to unlock the benefits of homeownership, whether that’s buying solo, teaming up with a friend or sibling, or sharing with another independent buyer.
“These approaches can also be combined with a wide range of low-deposit schemes, such as Deposit Boost, which is available on a number of our homes and is open to first time buyers and existing homeowners all homebuyers. This means that if you have a 5% deposit, we can boost it by adding up to an additional 5% of the sale price (up to a maximum of £25,000), giving you a 10% deposit in total.”
Things to consider before buying with a friend or family member
While there are many benefits to buying with a friend or family member, Adrian MacDiarmid, Head of Mortgages for Barratt Homes shares a few important considerations.
“When buying a home with another person, all owners are jointly responsible for the mortgage. If one person is unable to pay, the others may need to cover the shortfall, and disputes or missed payments may impact credit records. Lenders will hold each borrower accountable for the full mortgage amount, regardless of how incomes are split or how payments are divided between borrowers each month. This means any default, even one that is not your fault, may make it harder to secure other loans in the future.
“Changing life circumstances can affect joint ownership arrangements, for example, if one party later wishes to move or sell their share. In some situations, a Deed of Trust or Cohabitation Agreement is used to set out financial responsibilities between co‑owners. These agreements are intended to provide clarity if disputes arise, if someone is unable to meet their financial commitments, or if a co‑owner passes away.”
Top concerns Brits have when buying a home with a friend or sibling
Barratt’s survey of 1,000 Brits uncovered the top concerns around buying a house with a friend or sibling. The results were:
- What happens if one person wants to sell – 43%
- Disagreements over finances – 28%
- Impact on the relationship – 19%
- Legal complications – 6%
- Unequal contribution – 4%
With 43% of Brits most concerned about what happens if one person wants to sell, Adrian explains:
“If a property is owned jointly, both owners need to agree before it can be sold. If one person wishes to remain in the property, they may be able to buy out the other’s share – this often involves remortgaging the property into one name. If neither party can buy out the other, selling and splitting the proceeds is usually the remaining option. A legal advisor can help navigate any disputes.
