On average couples saving to buy their first home cut their wedding budget by over £5,000 and 28% of those aged between 18 and 34 would spend a £20,000 gift from their parents on a deposit for a house, according to research by HSBC.
With the cost of a wedding now averaging £20,000, the findings reveal that only 1% of young adults would choose to shell out the entire sum on their nuptials.
With such gifts the reserve of a lucky few, most young people are pondering how to split their savings between a deposit for a new home and a dream wedding. Nearly half, 47%, would look to cut the cost of their wedding in favour of putting it towards a house deposit, while 26% would ask guests for cash instead of a traditional wedding gift to put towards a house.
‘With the average deposit for first time buyers now £23,500, it appears that couples are choosing to be pragmatic when it comes to tackling the difficult decision of whether to shell out on a big wedding or buy a home,’ Peter Dockar, head of mortgages at HSBC.
‘Clearly, it appears that being savvy with the pennies and giving more thought to home buying is becoming a priority,’ he added.
The research also reveals that those looking to cut the cost of their big day in order to boost their deposit savings will do so to the tune of £5,443 on average.
The most popular ways of cutting costs are to reduce guest numbers (45%), choose a cheaper reception venue (29%) and reduce the cost of the honeymoon (26%).
Some 60% with aspirations of home ownership admit that they cannot afford a deposit for a first home without financial help from their family
