Buying your first home is a difficult undertaking for anyone. But new data from UK finance suggests that single first-time buyers are finding it increasingly difficult to compete.

In 2022, just 45% of first-time buyer mortgages in the UK were secured by single people. This is a noticeable decline from 2006, when singles made up more than half of the first-time buyer market with 53% of mortgages.

Shared equity and shared ownership are increasing becoming the only viable option for singles to get their foot on the property market in the UK. According to Martese Carton from Leeds building society:

Shared ownership is especially important for singletons as it provides them with a much better chance to get on to the housing ladder.

In 2021-22, around 56% of shared ownership purchases were made by one adult households, versus just 29% for FTB households in general. The average deposit required for a shared ownership mortgage in 2021-22 was £20,800, compared to £43,693 on average for FTBs

Shared ownership can also help younger people become homeowners earlier with the average age of a shared ownership FTB being 31 years old compared to 34 years for FTBs in general

For more see this research, see Martese’s article