Co-living and shared homeownership has been known, particularly in urban areas where property prices are high.
The proportion of new mortgages completed in the year to November 2023 was 63% – that’s up from 57% just three years earlier.
Halifax’s mortgage director Kim Kinnaird said,
“Today, those starting out on the housing ladder are 32 years old, on average – two years older than a decade ago – and almost two-thirds of people are now getting their first mortgage in joint names.”
Here are some reasons why more people are opting for this lifestyle:
1. Affordability
With property prices continuing to rise, many people find it challenging to buy a home on their own. Co-living allows individuals to pool their resources, making homeownership more affordable and accessible.
2. Community and Connection
Co-living fosters a sense of community and connection. Living with others can reduce feelings of isolation, provide social support, and create a more vibrant living environment.
3. Flexibility
Co-living arrangements often offer more flexibility than traditional homeownership. With well-structured agreements, co-owners can outline terms that suit their lifestyle and future plans, making it easier to navigate changes.
4. Sustainability
Sharing a home can reduce the environmental impact. Co-living promotes efficient use of space and resources, which can lead to a smaller carbon footprint compared to living alone.
5. Diverse Living Spaces
Co-living spaces often include shared amenities such as common areas, gardens, and workspaces. These shared spaces enhance the living experience and offer more than what an individual might afford on their own.
6. Reduced Financial Risk
Sharing the financial responsibilities of homeownership reduces the individual risk. Co-owners can support each other in times of financial strain, making it a more secure investment.
7. Innovative Housing Solutions
There are a lot of properties that are already ideal for shared living, without having to change much if anything. Property developers are today focusing much more on the kitchen area, making it an open space and therefore ideal for sharing for two or multiple people.
8. Changing Lifestyles
Younger generations are increasingly valuing experiences and flexibility over traditional notions of homeownership. Co-living aligns with these values, offering a more adaptable and community-oriented way of living.
The trend towards co-living reflects a shift in how people view homeownership and community. It offers practical and social benefits, making it an appealing option for many individuals seeking a more affordable and connected way of living.