Half of UK adults believe that saving for a home is much more important than paying for a wedding, according to research from property website Zoopla.
Just under half (48%) of all adults were prioritising a deposit as the target for their savings, which rose to 59% of those in the Gen Z age group. But only 8% of people questioned said saving for the big day was a priority – with a fifth saying they would even consider postponing marriage to get on the property ladder.
However, savers vastly underestimated the amount they would need to set aside to buy their first home: the average expectation was £27,600, with the actual deposit more likely to be £56,700. In London those figures rose to an expected £39,800, with an actual saving required of £138,800. A quarter (25%) said they would be relying on contributions from parents to make their first purchase.
Perhaps unsurprisingly, the high housing costs are making home ownership feel unattainable for many. Just 34% of those in southern regions and 43% in the north believed they would ever achieve the dream of owning their own home.
As well as delaying plans to marry to buy a home (21%), choosing between either a wedding or a home (24%) or scaling down the wedding to buy a property (37%), half of all couples questioned said the pressure of potential property ownership caused strain in their relationship.
Zoopla consumer expert Daniel Copley said of the research:
“Home ownership clearly plays an important role in the aspirations of UK adults, with many prioritising it over getting married. However, achieving this ambition is challenging due to the considerable affordability gap, with our data highlighting the significant disconnect between what first-time buyers believe they need to save for a deposit and the actual amount required.
“This underscores that affordability is a central pillar in people’s home-buying decision-making process. Aspiring homeowners should engage with a qualified mortgage broker early on. They can provide essential guidance on deposit requirements, affordability thresholds and available financing options, ensuring buyers are well-informed as they embark on their property journey.”
And, as Propertymark president Toby Leek pointed out, the number of mortgage products currently on the market will help hopeful buyers to find their home.
He said:
“The financial pressures of saving for a home seem to be being weighed up when compared to other life ambitions. However, for those who can save enough to step onto the ladder, improving market conditions could well be a key driver.
“Buyers are now likely to experience improved mortgage products, greater borrowing power and sustained confidence, which are all playing key roles in helping raise the number of homes for sale and create a healthy, balanced housing market to pursue their home purchase.”
