The housing market is on the rise once again, according to figures from the Office of National Statistics (ONS). Though particularly prevalent in the South, a skyrocket rise in housing prices is now being seen across the country, forcing many prospective buyers to consider their limited options for jumping on the property ladder.
In the last year housing prices have increased by 11.7%, with rental prices experiencing a similar increase.
For some, the answer has been simple: share the cost of a mortgage with a partner. This means descaling the risk, initial capital investment and reducing the ongoing financial burden.
The ONS reports that over the past ten years cohabitation rates have risen by 22%, with an estimated rise to 3.3 million families across the country by 2033.
However, experts have warned that the lack of clear legal rights can create dangers for unmarried couples buying a house together.
Unbeknownst to many, there are few legal rights protecting cohabitating unmarried couples in the situation that the relationship deteriorates. Whereas marriage or civil partnership is guarded by an established legal framework for dealing with matrimonial property rights, the framework concerning co-ed couples is far more vague, and subject to varying interpretations.
A recent poll has shown three quarters of MPs agree that legal rights for unmarried cohabiting couples are unclear. With no standardised frameworks, unmarried couples planning to cohabit should take care when taking advantage of the property boom, legal experts suggest.
Legal advice is available, however, and many firms point to the need for buyers to articulate their arrangements in writing beforehand, as well as discuss contingencies for the possible event of the relationship breaking down, thereby facilitating greater access to legal aid should things go awry.