The traditional bachelor pad could be a thing of the past for the working and professional young man according to figures just produced by the Halifax Building Society.
What was once considered a “rite of passage” for young men of a certain standing is now being severely curtailed. A growing number of young men are struggling to get on to the property ladder without the help of a partner.
The Halifax’s research found that around 50% of 18 to 35-year-olds are relying on their partner to help them get on to the property ladder. And in the survey men were twice as likely as the women questioned to say that not being able to buy with someone else is a barrier to getting on the property ladder.
Batchelor pads it would seem are definitely on their way out for many young men, with around 18 per cent of men and 9 per cent of women thinking they would need to buy a property jointly or carry on renting.
The rapid rise in house prices over recent years, far out-stripping wage increase and young people’s ability to save the average deposit amount, now set at £32,899, an amount which is well above the average person’s annual salary.
Halifax economist, Martin Ellis, told The Daily Telegraph:
“It’s not difficult to see why so many young people are now waiting for a partner to take their first step onto the property ladder.
“With many people trying to fund day-to-day living while saving for a deposit may not even be able to imagine raising this amount of cash on top of all their regular outgoings, first-time buyers in the UK are still on average £651 a year better off buying their home compared to renting.”