According to the survey, 93 per cent of potential FTBs thought affordability was a problem and 57 per cent were looking at the possibility of sharing a mortgage with either friends or family as a way of getting around the problem.
HSBC indicated that as a result of increasing property prices, a rising number of aspiring FTBs would resort to buying a property with others.
Carina Kemp, head of mortgages at HSBC, said: “The average house price in England and Wales now stands at almost £200,000, which is over six times the average salary, but home ownership is as popular as ever so FTBs are thinking more laterally about how to get on the ladder.
“At HSBC we have seen a 50 per cent increase in group mortgage applications this year alone.”
The cost of rent is seen as the primary reason for people considering group mortgages (27 per cent), although 19 per cent of people questioned said they wanted to buy before prices rose higher, while 14 per cent wanted to buy a property as an investment.
It was also revealed the symbol of home ownership was still important to people. 20 per cent said they wanted to buy to achieve independence and 12 per cent cited the sense of achievement owning a home brings as their principal reason.
Ricky Okey, managing director of Abbey for Intermediaries, said: “In our experience as a provider of shared mortgages, we have found that relatively few are requested by groups of three or four people. But this might change if prices continue to rise and people look for alternatives to buying on their own.”
