Relationship And Property Goals – What’s Your Next Big Move?

If you’re planning a wedding and a property purchase, you are likely very busy, and enduring an expensive time. Thomas Morris is here to help on the property side, and if you would like to arrange an appointment, please get in touch.

Buying homes and getting hitched are costly affairs

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

• 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

Regional variations in the cost of a wedding

• 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.”

As of late June 2021, Rightmove said the following about house prices in Biggleswade;

“Properties in Biggleswade had an overall average price of £320,917 over the last year.

The majority of sales in Biggleswade during the last year were terraced properties, selling for an average price of £260,984. Detached properties sold for an average of £426,325, with semi-detached properties fetching £315,681.

Overall, sold prices in Biggleswade over the last year were 3% up on the previous year and similar to the 2018 peak of £318,006.”

If you plan on making a move and require guidance on the property market, or you would be keen to value your home, book a valuation at a time that is of suitable to you or alternatively, you can phone our Biggleswade branch, managed by Ryan Coyne by calling us on 01767 310111.