On average, around half of homebuyers over the last four years were solo buyers, research has found.
According to research from Mortgage Advice Bureau (MAB), the average percentage of solo buyers stood at 52% in 2021, peaking at 53% in 2022 and then falling to 47% in 2024.
The report noted that this is partially due to the economic impact of the Covid-19 pandemic and mini Budget, but that solo homeownership was “appealing and achievable”.
The number of those buying jointly has increased by around 4% over the period, from 49% in 2021 to 53% in 2024. This showed “renewed buyer confidence as the market began to stabilise”.
MAB said the older a prospective buyer was, the more likely they were to be a solo buyer, with those aged 45-plus making up the highest proportion at 64%.
Those buying as a joint buyer, by comparison, were more likely to be in the 25-36-year-old bracket, at 52%.
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Under-25s buying alone reached a high of 58% in 2022, but this fell by 13% to 45% in 2024.
MAB said homebuyer demand has remained steady among 26-35-year-olds, going from 49% in 2021-23 to 46% last year.
The report found that there was a jump in prospective buyers in 2023 in 36-45-year-olds and those aged 45-plus buying solo, coming to 58% and 75% respectively. This plateaued to 48% and 62% in 2024.
MAB said the high among the 36-plus 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”.
The report noted that the rise in joint applicants was not just those buying with a partner, but also those buying with a friend, with 7% of prospective homebuyers planning to purchase with a friend in 2024. Meanwhile, 9% intended to buy with a family member, and 18% with a partner.
Regional variations
In the last four years, Scotland had the highest percentage of prospective solo buyers at 57%, followed by Northern Ireland at 56%, Wales at 53%, and England at 49%.
The highest average percentage of those buying jointly over this period was in England at 51%, and the lowest was in Scotland at 43%. Northern Ireland had the highest percentage of users looking to buy alone in 2024, at 60% – a 17% rise from four years ago.
MAB said there was a spike in prospective solo buyers in London, Scotland and Wales at 70%, 60% and 65% respectively.
This was attributed to the pandemic leading to a reassessment of priorities, but this had fallen to more even levels in 2024 of 54% in London, 52% in Scotland, and 49% in Wales.
Rachel Geddes, strategic lender relationship director at MAB, 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.”
She continued: “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.
“Whether you’re going it alone or pairing up with a partner, friend, or family member, speaking with a mortgage adviser in both instances is invaluable, helping you to decide what the most suitable options are for your needs. They will help you to get mortgage ready, taking into full consideration your future plans and priorities, as well as your current affordability.”
