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Leanne’s plans to purchase a home in her hometown seemed out of reach after her breakup in her late twenties. Though earning a solid income, the type of property she desired—which included a garden and parking—was financially unattainable on her own. Even though she had recently begun dating someone new, it was too early to consider living together. Meanwhile, her long-time friend Sarah, who was living in shared accommodation in Brighton and working as cabin crew, also hoped to relocate back to Kent but doubted she could afford to buy a house independently on her salary.
The idea of buying a property jointly came about when Sarah proposed they purchase together. Initially, Leanne was very hesitant, but after consulting with a mortgage adviser, they decided to proceed. This partnership allowed them to sidestep what is sometimes called the “singles tax,” which refers to the additional financial burden often faced by people living alone. These extra costs vary depending on the area, but on average could add up to thousands of pounds a year due to the inability to share expenses such as rent or mortgage payments, utility bills, subscriptions, and the fact that council tax discounts for singles don’t equate to half the couple’s rate.
To ensure their arrangement worked smoothly, Sarah and Leanne established clear agreements before moving in. They committed to living together for at least two years, eventually extending it to four, and outlined plans for what would happen if one decided to leave. The mortgage payments were proportionally divided based on their incomes, protected by a formal declaration of trust. They also managed household bills through a joint account, tracked meticulously by Sarah, who took on the role of “bill keeper.” Sharing cooking duties and meals further reduced their living costs, made easier by their similar eating habits. Leanne affectionately referred to their shared property as “our happy home, not our forever home,” a sentiment Sarah echoed with equal warmth.
According to the Homeowner’s Alliance, purchasing a property with friends can offer advantages such as a larger deposit, increased buying power, and split ongoing expenses. However, they emphasize the importance of addressing potential challenges upfront by being transparent about finances, obtaining independent legal advice, and drafting formal agreements. After four years, Sarah and Leanne sold their home at a profit, using the equity from the sale to fund separate property purchases. Reflecting on their experience, Sarah noted how the shared ownership gave them “a lot of freedom” they might not have achieved solo, while Leanne appreciated how it accelerated her ability to own a home. Inspired by their success, their friend Philly launched Cucoon, an online platform designed to connect singles interested in co-buying property, aiming to reduce the high “singles tax” associated with housing
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