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 The rising cost of property is forcing an increasing number of first-time buyers to look to alternative means for getting on the housing ladder.
Although figures out in the last week have indicated that the rate of growth is at last starting to cool, with figures from Rightmove showing that the pace of development in June has finally started to slow, the watermark left by a period of sustained increases has left many first-time buyers facing difficulties.
And, with the base rate continuing to rise – now at 5.75 per cent after three rises in 2007 – many would-be homeowners are still struggling to crack the market.
The result has meant some consumers have looked to co-buying as one means for tackling the problem of affordability, but Neil Johnson, Building Societies Association (BSA) PR policy, says individual should tread carefully.
"Hopefully people have a plan for what they would do should somebody decide to move, because the implications if you don't have that agreement in place can be quite severe for the people concerned," he noted.
He advised co-buyers to "make sure they look at all the issues they have got to look at and check that all bases are covered".
Julian King of National Homebuyers says, "Traditionally FTB's made up 45-50% of all buyers. We are now looking at 20-25%. This is disasterous".
"FTB's getting into odd arrangements in order to make their first purchase, particularly at a time when property prices are starting to show signs of a UK price drop does not make good business sense.
"While we sympathise with people who may have spent months saving to afford their first home, they need to look at the market around them and who they re planning to buy with before making such a big, possibily financially devastating, decision".
National Homebuyers are the UK's leading fast purchase property firm guaranteeing to make an offer on any property for anyone needing a quick property sale.
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