Two of the biggest commitments a person can make in their lifetime is to get married and to buy a house. While these can be huge commitments, they can also come with equally large price tags. As of December 2019, the average UK house price inflation was up 2.2 % compared to the previous year, so, purchasing a home is becoming increasingly more expensive.
Combine this with the average cost of a UK wedding costing £31,974, are millennials being forced to choose between marriage and mortgages?
There are many costs that you may need to consider when buying a home. These may not all apply, and they can vary greatly depending on the type of property, the location, the lender and even the buyers themselves.
These costs can include:
A wedding is often considered to be the most important day of anyone's life, but the cost of the wedding day seems to continue to rise. According to The Evening Standard, the average cost of a wedding in the UK in 2019 was £31,974. With the average house deposit amount standing at £42,360, many couples may be spending as much on their wedding as they would pay for the deposit on the house.
So, what are the costs associated with getting married?
It is hard to know whether 20-somethings feel as though they have to make a choice between these two commitments. However, recent figures show that the number of agreed house sales have fallen in some parts of the UK. In addition to this, the latest marriage data from the Office of National Statistics revealed the average age of a woman getting married in the UK is now 31.5 years old, and 33.4 years old for men. For same-sex couples, the average age is even higher at 39.5 for men and 35.4 for women.
Perhaps young couples are finding that they need to or would prefer to wait before entering into these social and financial commitments. As social norms have changed, millennials are often not following the same pattern as their parents and are exploring other options such as renting before investing in larger commitments.
Both buying a house and getting married can be two of the biggest decisions and commitments a person can make in their life. Life insurance can come up when discussing these topics, so if life insurance is on your mind, you can find an easy way to compare life insurance quotes at Compare Cover.
You can use our life insurance calculator to find out more about the cover you need, or take a look at our life insurance guides for more information about the different types, such as mortgage protection life insurance.
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