Mortgage is the new marriage
9th February 2017
- Couples together for 3 years, 3 months and 12 days before joint purchase
- 40 per cent of women lead the property search (vs. 30 per cent of men)
- Men are more likely to trust their partner to put in an offer on a property that they haven’t yet seen than women (34 per cent vs. 19 per cent)
- Men more likely to blow property purchase budget by £10,385 on average
As we approach one of the most romantic times of the year, new research from Zoopla reveals 40 per cent of Brits now believe having a joint mortgage is a bigger commitment than marriage. The average couple is together for three years, three months and 12 days before they commit to buying a property together*.
According to Zoopla, women are the most dominant when it comes to the property search, with 40 per cent of ladies admitting to leading the charge compared to 30 per cent of men. Men appear to be happier to take a backseat during the search phase – two thirds (65 per cent) say they’d trust their partner to view properties in their absence and a further 34 per cent even admit they’d let their partner put in an offer without having seen the property themselves (compared to 46 per cent and 19 per cent of women respectively).
Despite being more confident in their partner’s opinion, men are three times more likely to splurge on the perfect home. More than a fifth of homeowners (22 per cent) went over budget (by an average of £10,385), with 21 per cent of men taking responsibility for the decision, compared to just seven per cent of women. The results also revealed that men are also more willing to compromise on what they want from a property in order to suit their partner’s needs – 79 per cent say they’re prepared to make sacrifices compared to 60 per cent of women.
Over a third of male homeowners (36 per cent) ensured their property had enough bedrooms for future children (compared to 30 per cent of women), almost a quarter (23 per cent) considered the performance of local schools (compared to 17 per cent of women), and a fifth sought a property that could be extended (compared to 12 per cent of women).
Lawrence Hall, spokesperson for Zoopla comments: “Once you've had 'that' conversation and agreed to buy together, tasks such as registering with estate agents, setting up property email alerts and sharing homes you've found on property websites like Zoopla, can be really exciting. But, unless you have an unlimited budget, it's important to remember that - like any long-term relationship - buying a property is all about compromise.
"Before you start your property search, sit down together and agree on the core elements of what you are looking for in a home. Key points to agree on include budget, location and the level of work - from a lick of paint to a complete renovation - you are willing to put in. Being on the same page from the outset will take pressure off your search, avoid time wasting and - most important of all - arguments."
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