UK Buyers Turn to Shared Ownership with Family & Friends as Housing Costs Climb

A growing number of first-time buyers in the UK are taking an alternative route onto the property ladder: teaming up with friends or family to purchase homes together, according to new insights from leading Belfast-based estate agent John Minnis.

This trend is particularly strong in and around London, but is also gaining real momentum in Northern Ireland.

Joint home-buying has increased: the share of prospective buyers applying for mortgages jointly rose from 49% in 2021 to 53% in 2024. Crucially, this isn’t just couples – in 2024, 7% of prospective buyers said they planned to purchase with a friend, and 9% intended to buy with a family member.

This rising trend is being driven largely by affordability challenges. In a survey conducted by Lloyds Bank, around 46% of first-time buyers under 35 said they were open to buying with a friend or sibling. Many cite the ability to pool savings (60%) and strong trust in their co-buyer (56%) as key motivators.

In Northern Ireland, the trend intersects with the success of Co-Ownership, a shared-equity scheme. The organisation recently reported over 9,000 homes bought through its model, crossing £1 billion in total property value committed. The Intermediary Co-Ownership’s 2023–24 Annual Report further shows growing demand across council areas, with an average house purchase price of £148,827.

John Minnis, Founder of John Minnis Estate Agents

John Minnis, founder of John Minnis Estate Agents says:

“This shift from solo to shared ownership, especially among friends or family, makes a lot of sense in today’s market and is something we have seen rise by around 20% in the last five years.

“Although it’s a very wise way to pool resources, build equity and share risks, it’s not a decision to take lightly. When you buy property with people you don’t fully trust, financial stress can quickly turn into personal stress.”

My advice is:

Have open, honest conversations upfront about money, future plans, and what happens if someone wants to leave.

Set up a legal agreement – for example, a deed of trust or co-ownership contract to define ownership shares, responsibilities, and exit routes.

Be transparent about contributions: how much each person is putting in, how mortgage payments are shared, and how improvements or maintenance costs will be handled.
Plan for change: life happens. Make sure you agree in advance on what to do if someone’s circumstances change – e.g., job loss, relocation, or wanting to cash out.

Seek professional advice: talk to a mortgage broker, solicitor, and (if necessary) a financial planner. Getting expert help now can prevent big problems later.”
While co-buying is growing, it involves complex financial and legal arrangements. According to Lloyds Bank, prospective co-buyers must think carefully about relationship dynamics, ownership structure, and how credit or trust between parties might affect long-term stability.

Moreover, as noted by The Guardian, legal structures such as “joint tenants” vs “tenants in common” can have major implications – especially for what happens if someone wants to sell their share, or in the event of death.

As housing affordability continues to be a major barrier, experts expect the trend of co-buying – whether among friends, siblings, or parents and children – to keep growing.

In London, it provides a pragmatic way for younger buyers to afford a property. In Northern Ireland, shared-equity schemes like Co-Ownership are providing a structured way for more people to access homeownership, especially those unable to raise large deposits on their own.

John Minnis adds: “If done right, co-buying isn’t just a stopgap – it can be a powerful, long-term way to invest, build wealth, and create a stable foundation. But the key word is right. Get the legal and financial framework in place, be realistic about risks, and choose your co-buyers wisely.”