Britons turn away from big white weddings in favour of getting on the property ladder

21st July 2014

More than a quarter, at 28%, of those aged between 18 and 34 would spend a £20,000 gift from their parents on a deposit for a house according to research by HSBC.

Notably three out of five young Brits, at 60%, with aspirations of home ownership admit that they cannot afford a deposit for a first home without financial help from their family

With the cost of a wedding now averaging £20,000, the findings reveal that only 1% of young adults would choose to shell out the entire sum on their nuptials.

With such gifts the reserve of a lucky few, most young Brits are pondering how to split their savings between a deposit for a new home and a dream wedding. But nearly half, at 47%, of Brits would look to cut the cost of their wedding in favour of putting it towards a house deposit, while more than a quarter, at 26%, would ask guests for cash instead of a traditional wedding gift to put towards a  house.

Peter Dockar, head of mortgages at HSBC said: “With the average deposit for first time buyers now £23,500, it appears that couples are choosing to be pragmatic when it comes to tackling the difficult decision of whether to shell out on a big wedding or buy a home. Clearly, it appears that being savvy with the pennies and giving more thought to home buying is becoming a priority.”

The research also reveals that those looking to cut the cost of their big day in order to boost their deposit savings will do so to the tune of £5,443 on average.  The most popular ways of cutting costs are to reduce guest numbers, choose a cheaper reception venue and reduce the cost of the honeymoon.

1 thought on “Britons turn away from big white weddings in favour of getting on the property ladder”

  1. James Davidson says:

    I was lucky to buy my first flat in London for 140k almost 10 yeays ago. Now my flat is worth 300k. I now rent my flat out and earn a small income from my flat. I used a couple of agents in London but some of them i didnt trust so I started to use online websites like http://www.cityflatpals.com to help rent my flat.

    My point is Timing is important in the property market. Get that right and you could be enjoying the rest of your life.. Below is an article i picked up enjoy

    http://www.realestatenorwichvermont.com/2014/06/24/can-i-really-get-on-the-property-ladder/

Leave a Reply

Your email address will not be published. Required fields are marked *