Almost three quarters (74%) of Brits considered to be within the first-time buyer age range (18 – 44-year-olds) are more attracted to, and likely to move in with, a financially stable partner, according to a new survey from independent price comparison site, NerdWallet.
With the average age of a first-time buyer being 34 years old** and house prices continuing to rise, climbing 13.4% in the past year*, financial stability would appear to be a highly attractive trait (if it wasn’t before!), especially among first-time buyers.
The increased importance first-time buyers place on financial stability is perhaps no surprise given the soaring costs of property. In cities popular with young couples, such as Edinburgh, Cambridge, York, and Norwich, the average cost of a 1 – 2 bedroom property is £188k***, meaning the average household income for a first-time buyer needs to be upwards of £35k.
So, as a young, single buyer, it’s no wonder that financial stability starts becoming something people look for in a partner, with 30% of those aged 18 – 44 also looking for someone who is able to fulfil their important long-term life ambitions, such as owning a home and supporting a family.
“With 34 being the average age of a first-time buyer, it’s no surprise that financial stability is high on their relationship wish list. After working hard in their 20s to save up, their 30s are all about making homeownership a reality and financial stability is key for that to happen,” said Richard Eagling, Senior Personal Finance Expert at NerdWallet.
But when is the right time to ask a partner about their finances? Well, surprisingly, over 1 in 10 (12%) of 18-44-year-olds think it’s appropriate to ask about finances before the first date, with a further 14% believing that it’s appropriate to ask from the first date. 9% believe that people should at least wait until they have slept together for it to be appropriate to ask and 34% believe that they should wait until they are an official couple.
Interestingly, of those who have and do live with a partner, 27% (18-44-year-olds) confessed that they moved in with their partner because it was financially beneficial to do so, not because they felt it was the right time to take the next step in their relationship!
And of those who have never lived with a partner, practical factors (39%) and if it suited their lifestyles (24%) were large considerations, topping the idea that the right time to take the next step was the only reason that mattered (22%).
To see the full findings and find out more about NerdWallet, head here.
* Nationwide’s House Price Index
** Average age of recent first time home buyers in England from 2005 to 2020, in and outside of London
*** Statistic based on data from RightMove – June 2021
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