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A new study of 2,000 Brits (aged 18 – 40) by HSBC, has revealed the true extent to which buying a property now feels completely out of reach for the younger generation, with a staggering 83 percent claiming they will probably never be able to afford to buy their own property.
According to the report, 80 per cent would co-own and share a property with someone who is not their partner, with a further 59 per cent saying they’re 'open to the idea' of buying with a stranger – if they ticked all the boxes.
As a result of the findings, HSBC is running a unique speed-dating style event on February 15th –National Singles Awareness Day - to bring together people interested in meeting someone they could potentially co-buy with.
A desperate 4 per cent say they would be prepared to move in with 'a mate from the pub', while just under one in twenty are so desperate to get on the property ladder, they would even be prepared to buy with an ex.
The study also reveals modern Brits have a clear idea of the top traits the perfect housemate or ‘homebae’ should have, with odour free and clean and tidy in the top five.
The list of attributes also includes being able to cook a cracking roast, earning over £50,000 a year, having a penchant for a good BBC drama, having a good credit rating – and (in an ideal world) not being a vegetarian or vegan.
Being calm under pressure is a top trait for 42 per cent of people and 35 per cent would rather share a home with someone who does not play music too loudly, with 28 per cent saying they would like someone who is a good listener.
While clean, serene and someone who is a financial dream top the list of priorities for co-ownership, people said their pet peeves include extreme mess (67 per cent), irritating behaviour (61 per cent), someone bringing undesirable people home (42 per cent) and people not paying their share of household bills (30 per cent).
Some 27 per cent say their annual salary would not get them a big enough mortgage to buy a property where they would like to live, while 25 per cent say it would be nice to split the bills with someone else.
Overwhelmingly 75 per cent of young Brits say that if they get the chance they will buy a house purely to live in, rather than as a buy to let, while 9 per cent say they will rent out a room to help with the mortgage.
HBSC mortgages expert Chris Pearson says, 'We understand the challenges that young buyers are facing today and that they are willing to think outside the box to get on the property ladder – even contemplating the idea of buying with a stranger.
'That’s why we’ve run this research on the perfect homebuying partner and are holding Home Bae, the UK’s first-ever speed dating event for co-buyers.'