Many single individuals face additional costs for housing, bills, food, and holidays, a situation sometimes referred to as the 'singles tax'. Estimates suggest this could add anything from hundreds of pounds to an average of £10,000 extra per year.
In response, some single people are opting to purchase homes with friends. Leanne and Sarah, for example, bought a house together in Kent after finding properties too expensive to afford individually. They split mortgage payments proportionally to their salaries and detailed their arrangements in a declaration of trust.
After four years, Leanne and Sarah sold their property for a profit, using the equity towards separate future purchases. They stated that neither would have been able to achieve what they did without their joint property ownership. Their success has inspired the creation of Cucoon, an online platform designed to match singles looking to buy homes together.
Beyond housing, single people often encounter higher costs for household bills, subscriptions, and travel, with solo travellers frequently paying a single person supplement. While a single person pays 25% less council tax than a couple, this is not half the amount.