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%).