Going solo 'not an option' for most first-time buyers

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Going solo 'not an option' for most first-time buyers

For the majority of first-time buyers, purchasing a property alone on a single wage is simply not a feasible option, according to money advisors Fool.co.uk.

David Kuo, head of personal finance at the website, said that in the current market those looking to get on the property ladder will find it "a lot easier" if they are in a couple and will have "a lot more choice" when it comes to finding a new home.

He noted that "in London in particular, you're talking about ten times the average salary just to get onto the housing ladder".

Mr Kuo also said that "sometimes it's not a question of getting on the housing ladder; it's a question of finding a house that you would like to buy".

The average salary of around £24,000 would fund a mortgage of approximately £80,000, which Mr Kuo believes is not currently enough to buy a property anyone would want to live in.

However, it is not all bad for singles - recent research by Fool.co.uk revealed that single Brits tend to be better off financially than those in a relationship.

It found that the average single Brit is £255.42 per month better off than those in couples and they also save £2,600 annually on rent and bills.
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