Since the pandemic both the average cost of a wedding and the price of a deposit on a home have increased somewhat.
But when it comes to choosing which to prioritise it would appear homebuying dreams are a priority for more couples than tying the knot.
This is according to new research by Direct Line Life Insurance in which 12% of people quizzed believed taking out a mortgage was more important than getting married.
If this percentage were to be applied across the population it would suggest 6.3 million UK adults would prioritise the mortgage over their wedding plans.
Indeed the research also found 76% thought buying a home was an important life goal compared to 64% who viewed marriage in the same way.
And while the former was of equal importance to men (77%) and women (76%), getting married was slightly more important to women (68%) than to men (61%).
In the UK, around 5% of those who have been married prioritised buying a property over having a wedding, while around 3% delayed buying a property so they could have the perfect wedding day.
With the average cost of doing both exceeding £80,000, it is no wonder people feel the need to prioritise one over the other said Direct Line.
The average age to get married currently stands at 37, when the typical salary is £32,700.
On this salary, couples would need to save 10% of their salary for 15 years to be able to fully fund both a wedding and a mortgage.
With the pressure of social media and the desire to put on an extravagant event the average cost of a wedding in the UK is currently £32,000.
The cost of property also continues to soar, and hopeful first-time buyers have to save a deposit of £48,500.
While at the time weddings might seem like the most important day of a couple’s life, 6% of adults regretted spending the amount they did on their big day and admitted to going over budget.
To cover the unplanned additional money, 23% had to dip into savings set aside to buy a property, while a quarter had help from family members.
Vincent Guadagnino, communications manager at Direct Line Life Insurance, said: “Before the pandemic the cost of getting married was extremely high and our research shows that this looks set to continue, especially when large celebrations are allowed again later this year.
“With the cost of a wedding and a deposit both extremely high, it’s no wonder so many couples have to choose between their perfect day and their dream of owning a home.
“Both are really important milestones and we understand it must be a difficult decision to make. Whether getting married or buying a property, both involve long term commitments so it’s important to consider your protection needs to ensure you have the right cover in place should anything happen.”
Average cost of wedding vs first time buyer deposit regionally in the UK
| Region | Average cost of wedding | Average first-time buyer deposit | Combined cost |
| London | £39,763 | £99,167 | £138,930 |
| South East | £33,116 | £62,334 | £95,450 |
| East of England | £28,814 | £59,223 | £88,037 |
| South West | £27,958 | £53,254 | £81,212 |
| West Midlands | £30,029 | £41,528 | £71,557 |
| East Midlands | £29,242 | £41,554 | £70,796 |
| Yorkshire and Humberside | £29,784 | £35,969 | £65,753 |
| Wales | £29,097 | £36,594 | £65,691 |
| North West | £28,166 | £35,460 | £63,626 |
| Northern Ireland | £33,162 | £28,443 | £61,605 |
| Scotland | £31,466 | £30,138 | £61,604 |
| North East | £31,217 | £27,819 | £59,036 |
| United Kingdom | £31,974 | £48,467 | £80,441 |
Source: Direct Line Life Insurance 2021
