Getting on the property ladder is a bigger priority for young British couples than having a big white wedding, according to research by HSBC.
The survey found that over a quarter (28%) of those aged between 18 and 34 would spend a £20,000 gift from their parents on a deposit for a house.
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.
Nearly half (47%) of Brits would apparently look to cut the cost of their wedding in favour of putting it towards a house deposit, while over a quarter (26%) would ask guests for cash instead of a traditional wedding gift to put towards a house.
According to HSBC, three out of five young Brits (60%) with aspirations of home ownership admit that they cannot afford a deposit for a first home without financial help from their family.
“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,” explained 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.”
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