"The steady demand for solo homeownership is testament to the increase in buyer confidence, from factors such as improved affordability, slowed house price growth, and stabilising mortgage rates."
- Rachel Geddes, strategic lender relationship director at Mortgage Advice Bureau
Solo homeownership continues to remain a popular option for prospective buyers, with 50% purchasing alone on average over the last four years, according to data from Mortgage Advice Bureau.
The average percentage of buyers purchasing alone has experienced a slight decline (4%) over the last four years, decreasing from 51% in 2021 to 47% in 2024.
Solo buyer demand peaked in 2022 at a 53% average (in line with historically low interest rates prior to the mini budget), while the peak of people buying together was in 2024 (also a 53% average).
Looking more closely at the statistics for 2024, the percentage of buyers purchasing on their own has increased by 11%, from 40% in January to 51% in December.
Age-wise, the percentage of prospective buyers purchasing alone or jointly remains an even split over the last four years. The older a prospective buyer, the more likely they are to be purchasing alone, with the highest percentage of those purchasing a property solo aged 45+ (64%). Comparatively, the peak of those purchasing with someone else was in the 25-36 age bracket at 52%.
Since the peak of under 25s purchasing alone in 2022 (58%), there’s been a 13% decrease to 45% in 2024. Demand has remained steady among 26-35 year olds, decreasing slightly from 49% in 2021-2023 to 46% last year. Notably, 2023 saw a jump in prospective buyers between 36-45 and 45+ purchasing solo, at 58% and 75% respectively. This plateaued to 48% and 62% in 2024. This peak among the 36+ age bracket can be attributed to factors such as changing relationship dynamics, wealth accumulation, and career advancement, all of which contribute to their overall borrowing power.
It’s worth noting that the rise in joint applicants over the last four years isn’t necessarily from those purchasing property with a partner. An increasing number of people are choosing to pursue other paths to homeownership - namely, buying with a friend. MAB's research highlighted that 7% of prospective homebuyers were planning to purchase with a friend in 2024, 9% intended to buy with a family member, and 18% a partner.
Over the last four years, Scotland had the highest percentage of solo prospective buyers at 57%, followed by Northern Ireland (56%), Wales (53%), and England (49%). Northern Ireland saw the highest percentage of users looking to buy alone in 2024, at 60% - a 17% increase from four years ago.
Notably, London experienced a peak of solo prospective buyers in 2022, with 70% reporting they were looking to buy alone on average. Scotland and Wales had a similar spike in homebuyers reporting they were looking to buy alone in 2022 (60% and 65% respectively). The pandemic (coupled with historically low interest rates) may have triggered a reassessment of priorities for some homebuyers living in the capital, spurring a desire for more personal space and independence. All three regions dropped back to more even levels in 2024 (54% in London, 52% in Scotland, and 49% in Wales).
Rachel Geddes, strategic lender relationship director at Mortgage Advice Bureau, said: “It’s empowering to see so many solo homebuyers entering the market, and with buyer confidence on the rise, there has never been a better time to get on the property ladder. While joint purchases allow customers to maximise their borrowing potential, there are so many options out there that enable those buying solo to do the same.
“The steady demand for solo homeownership is testament to the increase in buyer confidence, from factors such as improved affordability, slowed house price growth, and stabilising mortgage rates. Whatever your buying circumstances, there are a range of options available to boost your affordability, from shared ownership, First Homes to the Lifetime ISA, joint borrower/sole proprietor, and many more."
