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Graduates buying houses with partners according to report
Thursday, 22 November 2007
Life after graduation
A report by Scottish Widows bank shows an increase in the number of graduates who have bought a house with a partner, a friend or a member of family.
Scottish Widow's annual graduate first-time buyer survey shows that only 44 per cent of people who graduated in the last ten years own a property.
Amanda Docherty, communications manager for Scottish Widows, told Mortgage Strategy: "These findings tell us that first-time buyers are increasingly pooling their resources in order to get on to the property ladder. In principle, with a widening gap between earnings and house prices, it is a good idea, as it can help overcome some affordability issues."
The report also showed that out of the graduates who had bought their house with a partner or friend, only two-thirds could afford to buy the other person's share if one wanted to move out.
Meanwhile Persimmon Homes West Scotland has launched a new scheme that helps graduates get on the property ladder.
The estate agents are offering to match any parental contribution to graduates homes up to five per cent on selected properties.