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Why single people are less likely to own property

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There’s no question that house hunting becomes more of an endurance test than an enjoyable way to spend a Saturday morning.

But CoreLogic research suggests your chances of overcoming the financial hurdles are far greater if you’re part of a couple.

The research found that couples are around twice as likely (64%) to own a property compared with those on their own (33%).

A double income makes it easier to conquer the initial financial hurdles and getting a loan is more stressful done solo.

Buying property is a huge investment and having someone to share the burden at key decision points, empathise with the challenges you’re trying to overcome, and help you navigate the real estate maze, particularly for the first time, can’t be underestimated.

With the benefit that coupledom appears to deliver, it’s perhaps no surprise that individuals without a partner may recruit a friend or family member to help them get on the ladder sooner rather than later.

If impediments to affordability continue to make it harder for would-be buyers, it’s easy to see how the trend for coupling up – romantically or otherwise – could be an attractive proposition for prospective property owners.

Indeed, for many who want to get on the ladder, it could be the only viable option.

Written by Lisa Claes

Lisa Claes

Lisa Claes is CEO of CoreLogic.

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