With 1 in every 7 of the nation’s homes already occupied by one adult, the government expects an extra 4 million prospective sole occupiers to be looking for homes by 2033. That’s around 1 in 4 of us, – or 15 million ‘one person households’ which all adds up to making buying or renting homes for single people very difficult.
We’re all familiar with the situation, – there are simply aren’t enough affordable homes to go around causing house price inflation. A recent survey by the Nationwide showed that for first time buyers who are couples, gross house prices are now on average 4.4 times earnings. That’s bad enough for couples, but twice the problem if you’re single.
This, coupled with the requirement for borrowers to provide much higher deposits than in the past has made it more difficult than ever to buy your first home. The Halifax House Price Index reported an annual house price increase of 3.7% in August, with average house prices now £229,958, with many getting help from their parents to get on the housing ladder. The number of first time buyers increased by around 3% in the first six months of 2018 to 175,500 buyers.
Buying and renting homes for single people can be really hard. Banks and building societies are now reluctant to lend first time buyers funds at reasonable interest rates unless they can come up with bigger deposits of up to £30,000 or more. This, combined with the credit crunch, high property prices and a shortage of homes means that two in three people are finding it difficult to get on the housing ladder and being single makes it harder.
Keeping a roof over your head can be equally difficult for partners who are splitting up, whether through a divorce or dissolving a civil partnership or breaking up an informal couple, remortgaging, buying a new home or renting a new home on a single income can be just as difficult.
Overall there’s a lot of single occupants up and down the country, according to the Census the numbers of homes with a single occupant is 29%, almost a third of the population. We represent a sizable chunk of the population and this trend looks set to continue. Is it time for us to shout louder about the unique issues we face?
The good news?
There is some good news though. You won’t argue with yourself when choosing a prospective home. How many warring couples have Channel 4’s Phil and Kirsty had to referee when house-hunting goes bad? That’s one problem you won’t have to deal with.
Up to date information for single tenants and single house buyers.
Remember, we are totally independent, working on your behalf to provide up to date information and find the best deals for single consumers so if you have any housing info or tips for other single people that might help, LET US KNOW