S
tephen Downard spent his 20s in a London rental that suited him perfectly - a spacious flat in Belsize Park, a leafy neighborhood nestled between Hampstead Heath and Regent's Park. He shared the place with Benjamin Grout for nearly a decade, finding a comfortable routine. Both worked in investment banking and aspired to own their own homes in the city.

    The London market proved too expensive - an average apartment price of just under £1 million ($1.3 million) made buying unaffordable. Downard had been saving for years, but eventually agreed with Grout that co-owning was a better option. "We've known each other so long, it's all history," said Grout. "Co-buying is something more people should consider, especially in expensive cities like London and New York."

    Downard focused on neighborhoods near his gym, Third Space, where he taught a training class. He wanted to stay in the city center but was willing to compromise. With estate agent Michael Smit's guidance, they drafted a declaration of trust and split costs equally. Their budget was £1.2 million ($1.5 million), though they hoped to spend less.

    Their priorities were a large living room for socializing and two separate bathrooms - essential since they weren't a couple. Downard wanted a place that needed renovation so he could bid lower and do the work himself. With Grout's blessing, he started viewing listings, eager to find a home that suited them both.