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Buying with a buddy – the solution for single buyers in a rising market?

WHILE house price increases in Cheltenham are a boon for many, for young professionals struggling to enter the property market they could be pushing homeownership out of reach.

One option to overcome affordability issues is to consider buying with a friend and it’s a trend Elan Homes is advocating at its St George’s Mews development in the town.

Among the brand new collection of properties the developer is building off St George’s Road, are a number of deigns that lend themselves perfectly to house sharers, who want ample space to enjoy time together and also plenty of room to spread out in.

Andrea Nippe, sales director for Elan Homes in the south, said: “We speak to many first time buyers who are desperate to invest in a property of their own but, as single purchasers, risk missing out as house prices continue to rise.

“One option they could consider is ‘buddying up’ with a friend to buy. This ensures they are investing their hard-earned cash each month into bricks and mortar rather than throwing money away by renting.

“As a niche, private developer, we can put would-be buyers in touch with our trusted network of financial advisors to provide guidance on how to buy with a friend so they can weigh up the pros and cons before committing. We’ll then be here to help them through every step of the process.”

Priced at £300,000, the Ashbourne at St George’s Mews has two double bedrooms, one of which in adjoined by an en-suite shower room. There is a separate ‘family bathroom’ so each buyer could enjoy their own shower or bathroom without having to share. There’s a third single bedroom that could be used as a dressing room or additional study space.

Meanwhile, the three-storey Farringdon, priced at £380,000, has ample space for a trio of friends to share, boasting three similarly sized double bedrooms. On the ground floor there is an open plan kitchen and dining room, plus a cloakroom, while the first floor is occupied by a spacious lounge with a balcony and a bedroom with its own en-suite. The top floor is home to the other two bedrooms and a family bathroom.

Alternatively if two friends bought the Farringdon together they could effectively split the top two storeys between them, creating their own bedroom, lounge and bathroom on each floor.

Located within walking distance of the stunning spa town, St George’s Mews offers a wealth of culture, shopping, leisure facilities and excellent schools on the doorstep.

Boasting traditional architectural character outside, inside the well-specified modern homes boast fully fitted kitchens and bathrooms and brand name appliances. They are energy efficient and easier to maintain than their older counterparts on the second hand market.

The marketing suite is open Thursday to Monday, 10.30am to 4.30pm. Call 07795 172151 or email to book your appointment to view. A stunning Litton show home is now open.