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. The average UK house price inflation is up 5% year on year, so purchasing a home is becoming increasingly more expensive.
Combine this with the average cost of a UK wedding rising to £27,161, 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 Telegraph, the average cost of a wedding in the UK is as high as £27,161. With the average house deposit amount standing at £33,000, 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 house sales have fallen by nearly a third in some parts of the UK. In addition to this, a recent study found that the average age of a woman getting married in the UK is now 30.8 years old, and 32.7 years old for men.
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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