Britons prioritise bricks and mortar over white weddingPosted by admin on Dec 22, 2014 in Uncategorized
Britons are turning their backs on the big white wedding in favour of getting onto the property ladder, according to research by HSBC. Over a quarter (28%) of those aged between 18 and 34 would spend a £20,000 gift from their parents on a deposit for a house. Three out of five young Brits (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 (source: Money Saving Expert), the findings reveal that only 1% of young adults would choose to shell out the entire sum on their nuptials. With such gifts the preserve 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. Nearly half (47%) of Brits would look to cut the cost of their wedding in favour of putting it towards a house deposit, while over a quarter (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, according to the Council of Mortgage Lenders 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 (45%), choose a cheaper reception venue (29%) and reduce the cost of the honeymoon (26%).