UK housing market built for couples
As Valentine’s Day approaches, the latest research from Yopa reveals that couples have a significant advantage when it comes to buying a home, as solo buyers who are trying to get a foot on the ladder find themselves nearly £50,000 short of the amount required to secure the average property based on current mortgage lending restrictions.
Yopa analysed the latest data on average UK house prices and earnings to assess how accessible the housing market is for solo buyers versus couples. The analysis is based on a 15% deposit requirement and a standard mortgage income multiplier of 4.5x annual earnings.
The research shows that the current average UK house price stands at £271,068*. A 15% deposit therefore requires £40,660 upfront, leaving £230,408 to be funded via a mortgage.
Mortgage lenders typically determine how much they are willing to lend using an income multiplier, with the industry average sitting at 4.5 times a buyer’s annual salary.
With the average UK salary at £40,269*, a solo buyer can typically borrow £181,211. When combined with a 15% deposit, this gives the average solo buyer total purchasing power of £221,871.
However, this falls £49,197 short of the average UK house price, highlighting just how challenging it has become for solo buyers to step onto the property ladder, with homeownership increasingly out of reach without a second income.
Couples, on the other hand, find themselves in a very strong position, with plenty of purchasing power to secure the average UK home and then some.
With two average annual incomes totalling £80,538, a couple can be confident in securing a mortgage of £362,421 based on the 4.5x multiplier.
Add this to their £40,660 deposit and they’ve got total purchasing power of £403,081, which is £132,013 more than the average house price. As such, a couple buying together can more easily afford to get on the housing ladder, and even have the budget to push for a well-above average property.
Repayment affordability
Affordability doesn’t stop at the point of purchase, monthly mortgage repayments also play a crucial role. Once again, couples are in a significantly more comfortable position than solo buyers.
Based on the above borrowing figures and an average mortgage rate of 4.15%* over a 25-year term, a solo buyer would face average monthly repayments of £1,235.
While a couple would face the same total monthly repayment, splitting this cost between two incomes reduces the individual burden to just £618 per person, accounting for a far smaller proportion of each buyer’s monthly income.
As a result, couples buying together benefit not only from an easier route onto the property ladder, but also from greater long-term financial flexibility, allowing them to build savings, absorb future rate rises, or simply enjoy a higher standard of living and more lavish Valentine’s Day celebrations.
CEO of Yopa, Verona Frankish, commented:
“Valentine’s Day can be a difficult time for those who are single, but the reality is that the challenges facing solo buyers extend far beyond one day of the year.
Climbing the property ladder alone has become increasingly difficult in today’s market, driven by sustained house price growth, wage increases that have failed to keep pace, and mortgage lending criteria that continue to limit how much individuals can borrow.
As a result, many capable and financially responsible buyers are finding that homeownership is slipping further out of reach, not because of poor financial habits, but because the numbers simply no longer stack up on a single income.
In contrast, couples benefit from a clear structural advantage, with dual incomes providing greater borrowing power, stronger affordability, and far more flexibility when it comes to securing a suitable home.
Unless we see meaningful progress on affordability, housing supply, and access to lending, there is a real risk that homeownership becomes increasingly reserved for two-income households, leaving a growing number of single buyers permanently excluded from the market.”
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