Leanne and Sarah co-buy house in Kent to reduce living costs.

Leanne and Sarah, two friends in their 30s, teamed up to buy a house in Kent after realizing the financial burdens of being single. Leanne faced barriers to homeownership after her breakup, with rising property prices making it difficult to afford a home on her own. Sarah, renting a room in Brighton, was also looking to return to Kent but struggled to break into the housing market on her cabin crew salary. Together, they decided to purchase a home, a move they say has helped them avoid what is often referred to as the "singles tax."

The trend of single individuals facing increased living costs is becoming more pronounced. Estimates suggest that being single can add anywhere from hundreds to nearly £10,000 in extra expenses annually, depending on location. Single individuals do not benefit from shared costs associated with rent, mortgages, or household bills. In addition, they receive only a 25% discount on council tax compared to couples who pay half. Many discounts, such as 2-for-1 cinema tickets and couples gym memberships, further illustrate the financial advantages often enjoyed by those in relationships.

Leanne and Sarah structured their living arrangement carefully to ensure fairness. They agreed to live together for a minimum of two years, which was later extended to four, and created a declaration of trust to protect their investment. Their mortgage payments were split according to their incomes, and they managed household expenses through a joint account, allowing them to share costs effectively. Their arrangement not only provided financial relief but also fostered a supportive living environment, which they affectionately named their "happy home."

The benefits of co-buying are clear, with shared costs and increased budgets allowing friends to achieve homeownership more easily. However, experts from the Homeowner's Alliance stress the importance of planning and open communication about finances. Leanne and Sarah successfully sold their home for a profit after four years, utilizing their equity to pursue separate property purchases. Their experience highlights a growing trend of individuals combating the financial strain of living alone by leveraging friendship and collaboration in the housing market.