Coupling up in the property market can save you £11,000 per year

If you're thinking about entering the property market this Valentine's Day, our research shows that joining forces with your significant other can help you save a substantial amount of money.

Saving on deposit costs with a partner

By examining the costs associated with owning a home - including the initial deposit, mortgage borrowing limits based on income, and ongoing expenses related to mortgage payments and property upkeep - we were able to determine how much money can be saved when purchasing a property with a partner.

Despite a slowdown in house price growth in recent months, the average cost of a 20% deposit in today's market remains close to £60,000. To maximise your savings, it's wise to team up with your significant other and divide the cost. This strategy can reduce your personal deposit payment by £29,491.

Why buying with a partner is a smart move

Purchasing with a partner can significantly increase your property market power when it comes to the mortgage you’re able to secure.

At 4.5 times the income, the average person can currently secure a mortgage of around £150,309. However, when merged with their partner’s earnings, this climbs to £267,216 - equating to 4 times the combined income.

Splitting the cost of monthly mortgage payments can save you a lot of money. For instance, by going halves on an average monthly repayment of £1,290, you can reduce your cost by £645 per month or £7,740 per year.

Reducing property expenses

Maintaining and running a property can be quite expensive, with the average annual cost for homeowners reaching up to £5,897. But if you're buying a property with your significant other, you can split this cost and reduce your annual expenses by an additional £2,949.

All in all, purchasing a home with a partner can reduce your personal property expenses by almost £11,000 (£10,689) per year. It's worth noting that this calculation only takes into account the yearly cost reductions for mortgage payments, property maintenance, and running expenses.

‘Coupling up can help you save and buy bigger'

-GetAgent CEO Colby Short

“The cost of homeownership has spiralled in recent years and today, many homebuyers simply wouldn’t be able to climb the property ladder if they were forced to tackle this monumental task alone.

By coupling up in the property market, you can not only accumulate your required mortgage deposit at a quicker rate, but the sum you will be eligible to borrow will also increase, allowing you to buy bigger and better than you may have otherwise been able to.

Once you have snagged your dream home, the additional help of a significant other will reduce the ongoing personal cost of homeownership by almost £11,000 a year.

That said, we certainly don’t suggest you look for love this Valentine’s Day purely to boost your property purchasing potential.”

Data and methodology

This table displays the average house price, deposit, and the mortgage amount required.

This table illustrates the cost differences between a single homebuyer and a couple when purchasing and maintaining a home at an above-average house price.