House or wedding? The difficult choice of first time buyers

Published: 01/08/2011

Many first time buyers are having to sacrifice their dream wedding in order to save up for a house deposit.

Research carried out by Glasgow Credit Union has revealed “56 per cent of couples would choose saving for a home over their dream wedding, as saving for both would be too costly.”¹

An average deposit needed by a first time buyer is around 15 per cent. According to the Council of Mortgage Lenders, that would set a first time buyer back one year’s average salary (£25,900) plus £1,100.

Paul McFarlane, Head of Operations at Glasgow Credit Union said:

“As the economic downturn continues to bite, young couples are increasingly being forced to choose between their dream wedding and their dream home.

“The current climate means that couples have to make sacrifices, especially with demand for a minimum 10% deposit on mortgages.”¹

The average cost of a wedding in 2011 is £18,605².

Sources:
¹Mortgage Solutions (July 2011)
²UK Wedding Belles

Content correct at time of publication