05 Feb, 2019/ by Homeward Legal /First Time Buyer

The first-time buyers most likely to get on the property ladder on their own are those in the east Midlands and Scotland.

New data from the Nottingham Building Society has revealed that a third (32 percent) of FTBs are confident they can buy a property on their own.

When those figures are divided by UK regions, Scotland's first-timers are most confident of all, 45 percent of newbies saying they would be happy to buy alone. In the east Midlands, 41 percent reckon they would be happily home alone in buying for the first time.

The Nottingham analysis revealed that 58 percent of FTBs across the UK would buy as part of a couple with 9 percent purchasing a property with friends or family. More men than women would willingly buy with friends or family, one in 10 (10 percent) male FTBs revealing that they expect to buy or share with someone else compared to 6 percent of women.

Meanwhile, FTBs told the Nottingham they expect to need a deposit of £44,000 to ensure they can snap up the home they want.

Ben Osgood, senior manager for Nottingham Mortgage Services, said: "For most, buying as a pair is a result of taking that next step with your partner.

"However, considering the high deposits needed and the house prices buyers face, for some going halves is the only option to get on the ladder, so it's a positive trend to see so many with the financial ability to go it alone.

"Everybody's circumstances are different, and getting advice on whether your deposit is enough, what loan-to-value you need and which mortgage best suits your needs can make all the difference to first-time buyers. Not only does it lead to a greater understanding of your options but also peace of mind you have the right product."

However, uncertainty over Brexit has affected the confidence of those keen to become homeowners: 43 percent of those quizzed by the Nottingham have put their plans on hold as they wait to see any potential impact on house prices from the UK's exit from the European Union.

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