Friends increasingly pooling funds to buy new home

18-Aug-2006

According to research published by Linden Homes, a property developer, first time buyers are increasingly merging resources with like-minded friends in order to purchase their first home, reports First Rung.

"Buying jointly with friends is becoming increasingly popular as property prices rise even further out of reach of salaries and young people struggle more and more to fund their own first home purchases," said Philip Davies, chief executive of Linden Homes.

"By pooling savings, raising a deposit becomes more manageable and the combined income helps bridge the affordability gap," he added.

According to recent research by Halifax, the average deposit for a home is now nearly £24,000.

Formed in 1991, Linden Homes is a property development firm, jointly owned by its own management team and the Bank of Scotland.

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