Research into the number of people buying their first home alone has been published showing the impact of the COVID-19 pandemic and affordability challenges with a slight decline in the number of buyers purchasing alone has fallen by 4% over the last four years; decreasing from 51% of purchasers in 2021 to 47% in 2024.
The research draws on data from over 10,000 users of Mortgage Advice Bureau’s (MAB) Home Buying and My MAB apps from March 2021 to December 2024. Users were asked whether they were purchasing their first property alone or jointly.
Rising interest rates in the years since the mini-budget have impacted affordability for solo buyers, with a corresponding rise in the percentage of those purchasing jointly, 49% in 2021 to 53% in 2024. However MAB say buying solo is still achievable for first time buyers.
MAB say traditional ownership models, whereby people either own the property alone or with a partner, are changing with an increasing number of buyers purchasing with friends and family; 7% of prospective homebuyers were planning to purchase with a friend in 2024, 9% intended to buy with a family member, and 18% a partner.
When it comes to age, the older the buyer, the more likely they are to be purchasing along with the highest percentage of those purchasing a property solo being aged 45+ (64%). Comparatively, the peak of those purchasing with someone else was in the 25-36 age bracket at 52%. Since the peak of under 25s purchasing alone in 2022 (58%), there’s been a 13% decrease to 45% in 2024. Demand has remained steady among 26-35 year olds, decreasing slightly from 49% in 2021-2023 to 46% last year. Notably, 2023 saw a jump in prospective buyers between 36-45 and 45+ purchasing solo, at 58% and 75% respectively. This plateaued to 48% and 62% in 2024. This peak among the 36+ age bracket can be attributed to factors such as changing relationship dynamics, wealth accumulation, and career advancement, all of which contribute to their overall borrowing power say MAB.
Over the last four years, Scotland had the highest percentage of solo prospective buyers at 57%, followed by Northern Ireland (56%), Wales (53%), and England (49%). The highest average percentage of those buying jointly over this period was in England (51%), and lowest in Scotland (43%). Northern Ireland saw the highest percentage of users looking to buy alone in 2024, at 60% – a 17% increase from four years ago.
“It’s empowering to see so many solo homebuyers entering the market, and with buyer confidence on the rise, there has never been a better time to get on the property ladder. While joint purchases allow customers to maximise their borrowing potential, there are so many options out there that enable those buying solo to do the same.”
said Rachel Geddes, Strategic Lender Relationship Director, Mortgage Advice Bureau.
“The steady demand for solo homeownership is testament to the increase in buyer confidence, from factors such as improved affordability, slowed house price growth, and stabilising mortgage rates. Whatever your buying circumstances, there are a range of options available to boost your affordability, from Shared Ownership, First Homes to the Lifetime ISA, joint borrower/sole proprietor, and many more.
“Whether you’re going it alone or pairing up with a partner, friend, or family member, speaking with a mortgage adviser in both instances is invaluable, helping you to decide what the most suitable options are for your needs. They will help you to get mortgage ready, taking into full consideration your future plans and priorities, as well as your current affordability.”
In the last week the government has introduced new measures to tackle affordability; with an updated Mortgage Guarantee Scheme to replace the existing scheme which was due to expire at the end of the year. And support for FCA proposals to review lending criteria and stress testing on mortgage application.
