The realities of property ownership are not romantic sadly. It’s perhaps the reason new research indicates two in five Brits in relationships have a ‘break up plan’ for splitting their house.
Buying a joint property is a major milestone. The research suggests young Brits now consider buying a home a bigger commitment than saying ‘I do’.
It’s perhaps unsurprising that so many have ‘break up plans’ for their joint house – for the worst case scenario.
Do you have a break up plan…just in case?
‘Buying a house together is a huge decision for a couple,’ says Ross Counsell, director at Good Move.
‘Not just because of the significant financial commitment, if the relationship comes to an end, it can be incredibly complicated and stressful dealing with the logistics. With recent changes to divorce legislation making it easier to end marriages, buying a house is now understandably seen as the primary relationship milestone.’
39 per cent of Brits in relationships admit to making ‘pessimistic preparations’. With younger generations the most likely – is this the Love Island-effect?
Over half of the 25-34-year-olds surveyed say that they have a plan for potential property logistics caused by a breakup.
The fear of break-ups and the difficulty of dividing assets is enough to put some off altogether.
Nearly one in five admitted they wouldn’t buy a house with a partner in case they split up. Most common of thought with younger Brits, with over 36 per cent of 25-34-year-olds, and 25 per cent of 18-24-year-olds.
‘This is why so many Brits want to live with their partner first before committing to buying anywhere.’ Ross explains. ‘Our research found nearly two-thirds of Brits in relationships would only buy a property together if they’d co-habiting first. That’s a really sensible way to approach the situation.’
Where do you stand on this debate?