Get a prop up the property ladder...

Faced with sky-high property prices and crippling mortgage repayments, first-time buyers have it pretty dire in the UK, especially if seeking to buy in the capital. Renting, long daily commutes or returning to the family home is an increasing reality for young first-time buyers who simply can’t afford to own their home.

Far from the rosy picture of instant profits painted by TV property and investment picture, young first time buyers, from most walks of life, can expect to live well below the poverty bracket as the strain of buying their first homes leaves home-buyers with a dramatically low disposable income.

Owning a first home, a sweet luxury for the privledged few, can, however, become a reality when considering joint ownership with a friend or family member. Not only will this dramatically alleviate cost and mortgage repayments, the size and location could also see an upgrade thanks to the boost in conjoined disposable income.

In fact, there’s no reason why first time buyers shouldn’t share with others in similar situations –everyone’s a winner. There’s less of a risk of falling down the poverty trapdoor and joint ownership can provide a perfect short-term arrangement whereby 2, 3 or 4 people help one another get a foot on the property ladder. While living in shared space, co-buyers usually spend less than they would on rent and are able to share purchasing, legal fees and owning costs. This means ‘buying buddies’ are able to work towards the goal of selling the place, turning a profit, and making their first solo property purchase.

There are of course, as with most things in life, risks and drawbacks. First and foremost you have to be able to trust the person you choose to co-buy with and finding potential candidates must be a ruthless and meticulous process. Having similar interests, good rapport and shared dream of owning a home is not always enough. Being legally sensible is a prerequisite and making sure the legal essentials are fully investigated and agreed upon esstential.

SharedSpaces.co.uk is the UK’s original ‘cu-buyer network’. Launched in 2005 the site is the largest co-community in the UK with thousands of members ranging from 18-60 years old. If you don’t have friends or family willing to take the plunge with you then Shared Spaces can be a great start in finding you perfect partner and, hopefully, home.

Registration is free and the SharedSpaces team is at hand to provide help and advice where and when needed. The site also offers, legal, financial, insurance advice and answers to FAQs.

Happy Hunting!

For more information or to get the ball rolling please visit: www.sharedspaces.co.uk