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November 13, 2012

Brits shun big weddings in favour of property purchase

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by Gill Montia

Brits shun big weddings in favour of property purchase

Britons are shunning big white weddings in a bid to get on the property ladder, new research from Barclays claims.

According to the bank, 52% of Britons would choose to put their savings towards a deposit for a property, with just one in ten opting for wedding bells over their own doorbell.

Surprisingly, almost twice as many men as women questioned chose a flash wedding over bricks and mortar (16% v 9%).

With the cost of a wedding averaging £20,000, the findings reveal that almost one in ten engaged couples have decided to downsize the scale of their nuptials or delay them altogether, in efforts to save for a property purchase.

A further 13% would consider asking guests for money towards the cost of their wedding instead of a traditional gift.

Barclays head of mortgage products, Laoiseach Lynch, comments: “With the average home deposit costing in the region of £16,000, it’s not surprising that couples are having to think twice about the way in which they tackle the dilemma of tying the knot and buying a property.”

The study also reveals:

The Northern Irish and Londoners are most likely to want to get married (18% and 16% respectively); those in the South and Wales are least likely (9% apiece).

Almost two thirds (60%) of adults living in the South would rather focus on buying a home compared with just two in five of those in Northern Ireland (42%).

Men are more likely to consider “pre-gifting”, with 16% saying they’d consider asking guests for help with the wedding beforehand, versus just one in ten women (10%).


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