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Website helps buyers beat deposit woes
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Homebuyers are seeking out like minded strangers in order to make their property dream a reality, reports SmartSharedHomes.com, which has seen a 30% increase in buyers searching for a 'property partner' in the last three months. SmartSharedHomes.com enables people to team up with other homebuyers to jointly purchase a new home, helping them tackle the high deposit requirements in the current climate. Recent reports suggest that taking into consideration, the average deposit, stamp duty and solicitors fee’s, home buyers currently need a huge £27,738* in order to buy their first home. Those unable to buy with a partner, friend or relative account for a large proportion of people looking to enter the market, therefore teaming up with others to split the deposit and other moving costs is becoming an increasingly attractive option. SmartSharedHomes.com offers a network for these buyers to interact and join forces in a home purchase. It uses the format of a dating website, allowing want-to-be homebuyers to post personal profiles and match up to those with similar requirements. Registered users can create shortlists of buyers who might be suitable and strike up a dialogue. David Bexon, Managing Director, SmartSharedHomes.com comments: “The current deposit figures do not make pleasant reading for first time buyers, and while it is common for developers to offer financial assistance with incentives, often paying deposits on behalf of the buyer, those buying on their own are frequently being priced out of the current market. “Not everyone can rely on financial help from parents, or have friends or family that they can buy their first property with. SmartSharedHomes.com brings people together who have similar financial constraints, but who share the ultimate goal of property ownership. “The surge in new registrations on our site suggests that first time buyers are prohibited mainly by high deposit requirements and borrowing costs, rather than falling house prices. Many are still interested in buying a property despite the current market correction, which implies that they view buying a home as a lifestyle choice or a long term investment." In addition to first time buyers, SmartSharedHomes.com is also geared to those who are looking to start, or add to existing property portfolios for investment purposes, linking buyers who are looking for potential investment partners, both in the UK and overseas.

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Date Published: 17 September 2008

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