A growing number of couples in the United Kingdom are having to choose between getting a home loan or proceeding with their wedding, considering that nuptials cost around £20,000 on average — roughly equivalent to the deposit for a home.
A new study by Barclays shows that Britons prefer to get a new home rather than splurge on lavish weddings. Specifically, 52 percent of Britons said they would rather spend their savings on a home loan deposit than a wedding.
Only 10 percent of respondents said they would use their savings for a wedding. Interestingly, 16 percent of males chose weddings compared to just nine percent for females.
The research also shows that ten percent of Britons opted to scale down their nuptials, or postpone them so that they could save for a property.
“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,” said Laoiseach Lynch, Head of Mortgage Products at Barclays.
Romesh Navaratnarajah, Singapore Editor of PropertyGuru, wrote this story. To contact him about this or other stories email romesh@allproperty.com.sg
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