In the face of a challenging housing market, a growing number of friends are choosing to pool their resources and buy homes together. This trend, driven by the affordability crisis, offers a glimmer of hope for young people seeking to secure a future in the property market.
Just before the pandemic, Cullen Farleigh and Olamide Soyemi, faced with the daunting reality of London’s exorbitant rent, decided to take a leap of faith and buy a house together. Their combined income and savings made it possible, leading them to a three-bedroom property in East London sooner than they expected.
“We didn’t really have any other option,” Cullen told Metro.co.uk. “We were interested in property, but we never really took it seriously because we knew how ridiculous the house prices were.”
Their decision to buy together stemmed from a shared trust and a belief that it was a sound investment. “We couldn’t afford a house individually,” Ola says. “We could trust each other as friends, and we knew that would be a good investment to make long-term.”
While their Victorian property presented its share of challenges, including a lack of a living room in the early days, the experience brought them closer and fostered a sense of camaraderie. They documented their renovation journey on TikTok, @bricks.and.disorder, inspiring others to embark on similar DIY adventures.
Their story reflects a broader trend: friends are increasingly joining forces to navigate the housing market. Data shows that homeownership among young people has risen since 2013, but remains significantly lower than in previous generations. Research from Lloyds Bank indicates that 51% of young first-time buyers are exploring non-traditional routes, including buying with friends or siblings, due to affordability concerns and a lack of alternative options.
Cullen and Olamide are not alone in their journey. Steph Douglass and Kristina Modares, both 35 and 34, followed a similar path, buying a house together in Austin, Texas. They realized that purchasing individually was unrealistic, and their collaboration allowed them to realize their dream sooner.
Inspired by their experience, Steph and Kristina established Open House Austin, a platform dedicated to educating others about co-partnering in homeownership. Their company provides resources and courses, encouraging individuals to leverage the power of shared investment with friends, family members, or colleagues.
The trend of friends buying homes together highlights a changing landscape in the housing market, driven by a desire for affordability and the benefits of shared ownership. It represents a collaborative approach to overcoming the challenges of a rapidly evolving housing market and a testament to the power of friendship and shared goals.
