- The majority of engaged couples re-allocate the wedding budget for a house deposit rather than tying the knot.
- Just two-fifths of the 18-44-year-old population celebrate having a home as a significant relationship milestone.
- In celebration of first-time homeowners, Halifax teams up with the Cake King, an extreme cake maker.
In the wake of thousands of wedding plans being thrown into complete disarray, couples have been prompted to re-evaluate what’s important in their relationships. Research from Halifax shows 18-44-year-olds are choosing to buy their first home over big weddings.
From an impressive list of family and friends to a stunning cake and a bespoke venue dress, the average cost of getting married can be eye-watering, with couples spending, on average, £18,000. In comparison to a £50,000 house deposit, an extravagant wedding represents a substantial financial commitment for couples hoping to get on the first rung of the property ladder, devoting over a third of the funds required to own a home.
A bigger priority
Now, nearly two-thirds (64%) say owning a home is more important than getting married. Due to the pandemic, three in ten (29%) engaged couples cancelled their weddings. More than three in five (62%) have already reallocated their wedding budget to a house deposit, or are considering doing so. In addition to the financial accomplishment of getting on the property ladder, home-buying is a significant relationship milestone, with nearly half (47%) saying that mortgage is more effective than marriage.
Despite marriage being viewed as a more significant cause for celebration, only three out of ten (29%) think it is money well spent, compared to two-thirds (63%) who say the same about finally owning their own home. The study found that people are much less likely to celebrate homeownership than to identify a wedding with their loved ones, with just two out of five (41%) saying they would.