Home buying or heartbreaking?

A surprising number of young British homeowners under 25 have experienced relationship breakups while hunting for a house to purchase together. The research reveals that this scenario has been encountered by six out of ten individuals in this demographic[1]. Interestingly, many assumed their partners would contribute more financially towards the home purchase but still expected to hold equal ownership.

It’s noteworthy that, on average, Britons spend more time planning a vacation than they do a home purchase, despite the latter being over 200 times more costly.

ADDITIONAL EXPENSES

The lack of agreement on the right place to live has forced nearly half of the people to relocate, resulting in significant additional expenses. The research indicates that around 22% of British homeowners have ended a relationship while looking for a home to buy together. Young Britons under 25 are particularly prone to this situation, with 61% having experienced a breakup during homebuying.

The main causes for these breakups are financial secrets revealed during the home search (34%) and heavy discussions about future plans, such as having children (19%).

FINANCIAL COMMITMENTS

One partner’s obsession over money and ownership triggered the breakdown for 23% of respondents, while 10% ended the relationship because of financial commitments related to home buying. In addition to causing breakups, financial disagreements also lead to quarrels among couples who manage to stay together.

Almost half (47%) of couples who bought a home together experienced fights, with 40% of all couples having disagreements about finances.

LACK OF COMMUNICATION

These issues often arise from incorrect assumptions one or both partners make about each other’s financial contributions. This lack of communication leads to severe consequences, like relocating because they couldn’t agree on a suitable place, which incurs high costs.

Couples need to have open conversations about finances and future plans before deciding to buy a home together. While potentially uncomfortable, these discussions can strengthen the relationship and improve connectivity.

Don’t forget, our professional friendly advisors are on hand to support you and can help you explore all of your options.

Source: