Brits shun big weddings in favour of property purchase
Permalink: Brits shun big weddings in favour of property purchase
by Gill Montia
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%).
Click here to discuss this: Home Move property forums
Related stories to: Brits shun big weddings in favour of property purchase
Previous: « Potential first-time buyers look to shared ownership
Next: FSA warning on investment in overseas eco development »
Visited 2674 times, 1 so far today