Relationships And The Housing Market
If you are looking to move home and get married soon, congratulations, but also, you are in for a busy and expensive time. At Prestige & Village, we are delighted to say we have assisted many happy couples in finding their ideal home to make the next big step in their life.
No matter your relationship status, you’ll find we are on hand to assist you, and we look forward to helping you find your ideal home. Also, if you want to achieve it all, we are here to provide you with the information you need.
What are your next big life plans?
Direct Line Life Insurance carried out research into the housing market and how people looking to get married engage with it. As you would expect, there were some interesting findings:
- 76% of respondents said buying a home is an important goal in life
- 64% of respondents said the same about marriage
- Owning a home was important to 77% for men, and 76% of home
- Getting married was important to 68% of women, and 61% of men
- 5% of people who have been married prioritised purchasing a home over their wedding
- 3% of buyers delayed purchasing a home so they could enjoy their perfect wedding day
- The average cost of buying a home and enjoying a wedding day was more than £80,000; so it is easy to see why happy couples feel they need to prioritise
- The average age to get married in the UK is 37 years old
Your budget will influence what you can do
It is no surprise to learn that salaries play a massive role in what you can, or cannot, do in the housing market. The Direct Line Life Insurance study also provided the following highlights:
- The typical salary of people in the UK is £32,700
- At this salary rate, couples need to save 10% of their salary for a total of 15 years to fully fund a wedding and mortgage
- The equivalent of 1.7 million adults regret spending the amount of money they spent on their wedding
- 23% of respondents has to use their savings to buy property
- 25% of respondents received assistance from family members
- A total of £122 billion has been gifted to couples from family members and friends to assist with the cost of a wedding
At Prestige & Village, we are pleased to say we operate across the country, and this makes for interesting reading.
Regional variations in the cost of a wedding
As you’d expect there are regional variations in arranging a wedding, and buying houses, depending on where you are:
- Couples getting married in the South West of the country pay an average of £28,000 for weddings
- In London, the average cost of a wedding is close to £40,000
- As you might expect, the lowest costs are in the North East of the country
- The lowest house deposits in this part of the country are £28,000, while the cost of a wedding is £31,000; leading to a combined total of £59,000 for a wedding and house deposit
- Conversely, in London, the combined total is close to £140,000 with the average cost of house deposit coming in at around £100,000
Vincent Guadagnino, Communications Manager at Direct Line Life Insurance, commented: “Before the pandemic, the cost of getting married was extremely high and our research shows that this looks set to continue, especially when large celebrations are allowed again later this year. With the cost of a wedding and a deposit both extremely high, it’s no wonder so many couples have to choose between their perfect day and their dream of owning a home. Both are really important milestones and we understand it must be a difficult decision to make. Whether getting married or buying a property, both involve long term commitments so it’s important to consider your protection needs to ensure you have the right cover in place should anything happen.”
At Prestige & Village, we care about our community, and supporting others. We aim to provide you with as much help and assistance as we can. If you have any property or housing questions, please feel free to contact us today.Back to blog