Why couples are trading weddings for dream homes
As marriage rates decline, homeownership becomes the top relationship goal for many British couples. For many, marriage is no longer the ultimate aim in relationships. Instead, the desire to own a home has risen to the forefront of their financial priorities.
According to a recent survey, 48% of UK renters in relationships cited saving for a property as their main financial goal, significantly exceeding the 8% who focus on saving for a wedding[1]. This shift reflects wider societal and generational trends, as younger generations redefine their milestones for success and happiness.
The data paints a revealing picture. Just over half (57%) of Gen Z are expected to marry, a sharp contrast to 72% of Gen X and 87% of baby boomers. For Gen Zers, financial priorities predominantly focus on ambitions of property ownership, with 59% identifying this as their main goal, compared to only 6% saving for weddings. At the core of this decision is the rising cost of housing, which has led couples to rethink traditional timelines.
Weddings or mortgages?
The financial decision to prioritise property over matrimony goes beyond mere preference; it’s often a necessity. A significant portion (21%) of couples admitted they would postpone their wedding plans to concentrate on purchasing a home. However, even those unwilling to delay a wedding often feel the pressure, with 24% stating that they have had to choose between saving for a wedding and buying a home.
This forced choice is reshaping the concept of modern partnerships, as 37% of couples say they would consider having a less expensive wedding to channel savings into their property goals instead. This shift is more than a reflection of financial pragmatism; it’s a recalibration of societal norms. A lavish wedding may still be a dream. Still, for many, it has been replaced with the tangible and long-lasting benefits of homeownership, an asset that provides stability and investment potential for years to come.
Pressure cooker of property goals
While the goal of purchasing a home represents security, it’s not without challenges. Nearly half (49%) of surveyed couples admit that property-related financial priorities create tension in their relationships. Understandably, disagreements arise when both partners feel the pressure to save aggressively, curtail spending, or compromise on other life goals.
Affordability is one of the most significant challenges. Across southern England, house prices are dauntingly high, with properties in eight out of ten towns typically valued at over four times the annual average household income.
Affordability is the primary obstacle
But not all regions face the same pressures. Prospective homeowners in northern England are more optimistic, 43% believe they can achieve homeownership within the next five years, compared to just 34% in southern regions. Nevertheless, these northern hopes don’t negate the challenges elsewhere; across the UK, 73% of respondents feel that affordability is the primary obstacle standing between them and their first home.
This burden grows even heavier in some regions. For instance, 77% of people in the West Midlands and an overwhelming 82% of Londoners feel the financial strain of homeownership aspirations. These figures underscore the urgent need for strategies that bridge the affordability gap, particularly in areas where property prices appear increasingly unaffordable.
True cost of saving for a deposit
It’s not just rising house prices that exacerbate affordability challenges; it’s also a widespread misunderstanding of the actual amount of money required to secure a home. The average cost of a first-time buyer property in the UK currently stands at £259,700, with the average deposit required hovering around £56,700. However, many prospective buyers assume they’ll only need to save £27,600[2].
This discrepancy is particularly stark in high-cost regions like London, where first-time buyers expect to save £39,800, a figure that pales in comparison to the actual required deposit of £138,800. Interestingly, Northern Ireland is the outlier, being the only region where perceived deposit requirements exceed the exact requirements.
The shortfall in savings expectations highlights both a knowledge gap and the importance of financial education. Without a clear understanding of the costs involved, couples may delay starting the saving process, leaving themselves unprepared when the time comes to enter the property market.
Parental support on the rise
For some couples, the dream of homeownership is only achievable with external help. A growing number of first-time buyers, 25% according to the survey, are leaning on financial support from their parents or their partner’s parents to fund their deposits. Known colloquially as the “Bank of Mum and Dad,” familial contributions are becoming a lifeline, particularly in light of inflation-weary wallets and skyrocketing house prices.
However, there’s value in openly discussing familial contributions early in the planning process. Beyond simply bridging financial gaps, having clarity on available resources helps couples better define their savings goals, timelines, and property budget.
Why homeownership still matters
Despite the challenges, homeownership remains a deeply ingrained aspiration in the British psyche. To many, owning a property symbolises stability, independence, and financial maturity. It’s a long-term investment that can offer equity growth, security, and the satisfaction of owning a space to call your own.
For millennial and Gen Z buyers, achieving this goal often reflects a collective shift in how value is assigned to life milestones. Instead of channelling tens of thousands of pounds into a wedding that lasts a day, many see far more value in investing in a property that will offer financial and emotional returns for decades.
Insights for aspiring homeowners
For couples dreaming of their first home, getting a head start in planning is essential. Speaking with one of our expert mortgage brokers will help demystify the buying process, providing information on required deposit sizes, financing options, and affordability checks. Additionally, we can help set realistic savings expectations based on regional property markets, guiding buyers at every stage of their homeownership quest.
Even small steps can make a big difference. Simple budgeting changes, such as reducing discretionary spending, automating savings, or taking advantage of first-time buyer schemes, can have a significant impact over time. Some couples may also opt to rent in lower-cost areas as a stepping stone, allowing them to save more aggressively while preparing for a purchase.
Ready to take the first step towards your dream home?
Your property goals don’t have to seem impossible. By working with our highly experienced mortgage advisory team, we can help you create a plan tailored to your specific needs, making you better prepared to take the step into homeownership. Not sure where to begin? Get expert advice on deposit requirements, mortgage options, and practical saving strategies. Contact Burlington Financial, phone 01262 674988, or email enquiries@burlington-financial.uk.
Source data:
[1] A survey conducted by Opinium between 13th and 19th May amongst 1,000 UK adults who either don’t own property and are in a relationship, or have married or bought property in the past five years.
[2] Affordability calculations are based on house price-to-earnings ratios from November 2024, which compare the average Zoopla house value estimate in a postal town to twice the annual gross salary of a full-time earner in the corresponding local authority.
