The cost of being single – and how friends are teaming up to beat it

In a story about the financial burdens faced by single individuals, two friends, Leanne and Sarah, teamed up to purchase a home. Leanne, who had recently split up with her partner, was concerned about the additional costs associated with being a single homeowner. Sarah, on the other hand, was a cabin crew member with a modest salary and found it difficult to afford a place to live in Brighton.

When the idea of buying a home together came up, Leanne initially hesitated but after consulting with a mortgage adviser, they decided to go ahead with the purchase. The decision proved to be beneficial as they were able to avoid the so-called "singles tax", which refers to the extra costs incurred by single individuals, such as higher rent or mortgage payments, bills, and council tax.

Research suggests that the cost of being single can range from a few hundred pounds to £10,000 annually. With their combined income and shared expenses, Leanne and Sarah were able to purchase a home with a bigger deposit and budget, which helped them build equity and invest in separate properties later on. Their success inspired their friend Philly to create Cucoon, an online platform that matches singles who are interested in buying a home together.

The platform aims to level the playing field for singles and reduce the financial burden of being single. Julia Pearson, who set up the Just4One website, also shares tips on how to cut costs in various aspects of life, such as borrowing items from friends, sharing fuel costs, and using solo-friendly travel providers. Overall, the story highlights the financial challenges faced by single individuals and showcases the benefits of buying a home with friends to overcome the "singles tax".