House deposit vs wedding – the weddings aren’t winning

A recent survey by specialist mortgage lender Together has revealed that the rising cost of weddings has pushed the population into choosing home ownership over marriage first and foremost. According to the 2000 men and women surveyed, a huge 75% of them said that rather than spending money on a wedding, they’d prioritise saving a deposit for their first home together. The average costs of a UK wedding is now £17,674 but can easily top £20k now that venues have pushed their prices up, and social media has set high expectations for décor and location. When once a simple ceremony in a church and a sausage roll buffet at the village hall would have done, couples are now expected to provide an extravagant day of entertainment and glitz for their guests with accessories like names in lights costing hundreds of pounds, and the hire of food trucks and entertainment seen as an essential.

Stability and fresh starts

More of the women surveyed than men said they would choose owning a home over a wedding. Only a small percentage of the respondents were sticklers for romance and would pick a wedding first – 3.9%. An interestingly, 11% of the people asked weren’t really bothered about either getting married or owning a home together and were happy with their current domestic setup. Perhaps it’s the stability that homeownership offers that is more appealing than the wedding ceremony. Yes, marriage in itself is a commitment and adds a certain feeling of security over a relationship, however, a wedding party lasts all but a day, whereas a new home will provide a step on the ladder, a place to nest, and an exciting new start with the chance to begin or grow the family. What’s more, being committed to a mortgage together can feel just as secure as a wedding certificate for most couples.

£17k can go quite a bit further as a deposit now, with schemes like Help to Buy Equity loans and shared ownership meaning 5% is all that’s required. Mortgage lenders are also being more relaxed about the Loan to Value they're prepared to offer too, and interest rates are at an all-time low, so it’s no wonder weddings have taken a pew at the back for young professionals in 2019. One-bedroom flats in the South East start around £210k, with shared ownership prices starting around £150k for a new build home, so there are plenty of opportunities to get on the ladder.

If you’ve saved a deposit and would like us to help you look for your first home together, contact our Residential Sales team who will be more than happy to help you with your search.