Rising housing costs are prompting more first-time buyers in Northern Ireland to purchase homes jointly with friends or family, according to new insights from Belfast-based estate agent John Minnis.
The trend reflects a wider shift seen across the UK, particularly in London, where increasing numbers of buyers are teaming up to access the property ladder.
The share of prospective buyers applying for mortgages jointly has grown from 49% in 2021 to 53% in 2024.
While joint borrowing has traditionally been dominated by couples, 2024 data shows that 7% of buyers now plan to purchase with a friend and a further 9% with a family member.
Lloyds Bank research suggests affordability is the key driver, with 46% of first-time buyers under 35 saying they would consider buying with a friend or sibling.
Pooling savings was highlighted by 60% of respondents, while 56% pointed to strong trust in their co-buyer.
In Northern Ireland, the trend aligns with the continued success of Co-Ownership, the shared-equity scheme that recently surpassed 9,000 homes bought through its model and more than £1bn in total property value committed.
Its 2023–24 annual report shows demand rising across council areas, with the average home purchased under the scheme priced at £148,827.
John Minnis, founder of John Minnis Estate Agents, said: “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.”
