If you had a choice from your parents – would you prefer for them to pay for your wedding or give you a large deposit towards your first home?
This is an offer, a friend of mine has been made from her parents. She currently lives in rented accommodation with her fiance. Quite simply put, her parents can’t afford to help her with both. Which would you choose?
We discussed it in the office, which prompted our research team to report back that 73,600 marriages and civil partnerships have been postponed due to Covid-19, saving couples or the families on average £16,005.
The average wedding now costs £16,005. The first time buyer average deposit in the UK to buy a home was £46,187. This is 35% of the average first-time buyer’s deposit. However, closer to home in Lancaster and Morecambe, the cost of an average wedding would actually be more than the cost of an average first-time buyers deposit. ( Buying at £125,000, a 10% deposit would be £12,500 )
With 1 in 8 couples cohabiting before marriage, for most, living together will not be delayed. However, delayed weddings could provide a house deposit for couples wanting to purchase their first home or help existing homeowners move up the ladder.
The question my friend now is, does she sacrifice the big fancy wedding for a much smaller pared-down event and use her wedding money to buy their first home together. Sometimes you just can’t have your cake and eat it – although we did point out that they would have £3,500 left over and we are sure we could help her arrange a great party with that!
If you want to chat above buying, selling, renting or letting in Lancaster or Morecambe, please give us a call. Our number is 01524 843322. At JDG we are here to help!