Are you being put off getting married because you can't afford to buy your dream home?
The Housing Federation commissioned the YouGov survey of 1,096 young couples. 7% of the couples surveyed said that they did not get married because they cannot afford to buy a house together. Just under half of participants in the survey said that they would not get married if they did not own a home together. 2/3 of 18-30 year olds surveyed said that high priced properties were to blame for the reason of not being able to afford to buy a house. One in ten people said that they would need to borrow at least Â£40,000 from their parents. The average first time buyers house cost approximately Â£135,000 which is more than 4.2 times the national average wage. Going back ten years, the average first home cost Â£46,000.
The cost of marriage has also soared over recent years with the average cost of a wedding now at Â£18,500.
Federation Chief Executive David Orr said, “Young people are gibing up hope of ever being able to afford their own home and who can blame them? House prices have rocketed well out of reach of most young people. Banks are meanwhile demanding tens of thousands of pounds in deposits before even considering lending first time buyers a mortgage. For those without parents with the funds to help them there’s virtually no chance of getting a rung on the property ladder.”
Are you planning on getting married? If so, make sure that your wedding investment is fully insured. With wedding insurance from E&L Insurance you can be safe in the knowledge that if you needed to claim for a re-arranged or cancelled wedding that you would be financially covered. Similarly you would be insured against problems with your supplier deposits, wedding attire and wedding cake to name but a few. For more information please visit www.eandl.co.uk/wedding.
Source: www.dailymail.co.uk/news/article-1259702/House-prices-toll-on-marriage, 22nd March 2010