mform.co.uk found that 26.2 per cent of sales were to single people, while 39.86 per cent of people planning to buy in the next six months are planning to live alone. In comparison to 1973, when just 2 per cent of 25-44 year-olds lived alone, around 10 per cent do so now. It is also estimated that by 2021, 35 per cent of all UK households will be occupied by single dwellers.
Find out more about this weeks industry news
The average annual amount spent on mortgages increased by 44.3 per cent from £4,586.40 in 2001/02 to £6,619.60 last year. The percentage of total household expenditure attributed to mortgages rose from 9 per cent to 13.5 per cent in this period.
Francis Ghiloni, mform.co.uk’s marketing and business development director, said: “If more of us decide to live alone, that means more demand for property which will place greater pressure on prices making it more expensive to own a home.
Download our news ticker
It is even more important for people buying on their own to source the best value mortgage they can. If you are relying on one income you cannot afford to take risks.”
Nick Gardner, communications director at Chase De Vere, said: “Factors such as an increase in the divorce rate have led to these statistics. Unfortunately buying on your own is more difficult.”
