That’s according to a new report from mortgage broker Mojo Mortgages, which also revealed a significant rise in solo first-time buyers despite the challenges they face.
It measured a 60% increase in solo first-time buyers from 2022 to 2023.
Going it alone
Essential monthly costs for solo households are significantly higher than for those sharing a home.
The average solo renter spends £1,832 per month on essentials such as rent, bills, and groceries – £498 more than someone living in a two-person household.
This additional cost means solo renters have less disposable income, making it harder to save for a home.
Crunching the numbers
According to the Office for National Statistics (ONS), the average post-tax salary for a UK worker is £2,382 per month.
Couples, with two incomes and shared expenses, are therefore in a much stronger position to save compared to solo renters. They have an average of £2,096 left each month after covering rent, bills, and essentials, while solo renters only have £549. This allows couples to save nearly four times more than aspiring solo buyers.
Mojo worked out that, if both save two-thirds of their disposable income, couples can set aside £1,383.47 per month, compared to £362.92 for solo renters.
This discrepancy means it could take solo buyers 10 years longer to save for the necessary deposit and home buying costs.
With a saving potential of £1,383.47 per month, couples could typically save for a deposit in three years and two months.
Solo renters have a saving potential of just £362.92 per month and would need 13 years and three months to reach their deposit goal.
John Fraser-Tucker, head of mortgages at Mojo Mortgages, explained: “While solo buyers face unique financial hurdles, we’re seeing more people opting to purchase homes independently.
“The desire for homeownership remains strong, and solo buyers are finding creative ways to make it work. Whether it’s through shared ownership schemes, Government incentives, or JBSP mortgages, solo homeownership is becoming more achievable.”
