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Talk to strangers for property dream

Catherine Deshayes

People desperate to buy a property are seeking like-minded strangers with whom to make the dream a reality. The escalating costs of purchasing a home make buying with a ‘property partner' the only viable option for some.

Recent reports suggest that taking into consideration the average deposit, stamp duty and solicitors fees, home buyers currently need more than £27,000 in order to buy their first home.

Those unable to buy with a partner, friend or relative account for a large proportion of people looking to enter the market, therefore teaming up with a stranger or ‘property partner' to split the deposit and other moving costs is becoming an increasingly attractive option for many.

SmartSharedHomes.com, which enables people to team up with other homebuyers to jointly purchase a new home, by offering a network for these buyers to interact and join forces in a home purchase. It uses the format of a dating website, allowing want-to-be homebuyers to post personal profiles and match up to those with similar requirements, whilst tapping into the current fascination with meeting new people online.

The site has seen a 30 per cent increase in buyers searching for a property partner in the last three months.

David Bexon, Managing Director of SmartSharedHomes.com, said, "The current deposit figures do not make pleasant reading for first time buyers, and while it is common for developers to offer financial assistance with incentives, often paying deposits on behalf of the buyer, those buying on their own are frequently being priced out of the current market.

"Not everyone can rely on financial help from parents, or have friends or family that they can buy their first property with. Our site brings people together who have similar financial constraints, but who share the ultimate goal of property ownership.

"The surge in new registrations on our site suggests that first time buyers are prohibited mainly by high deposit requirements and borrowing costs, rather than falling house prices.

"Many are still interested in buying a property despite the current market correction, which implies that they view buying a home as a lifestyle choice or a long term investment," Mr Bexon went on to say.