Millions of UK adults are delaying starting a family or getting hitched in order to buy a home, new research has revealed.
As house prices remain high and the ability to get on the property ladder seems a distant goal for a lot of people, many are delaying life commitments in order to get on the first rung of the property ladder.
A fifth of people have moved in with parents, taken a second job or delayed starting a family or a wedding in order to save for a deposit.
And a similar amount are cutting back on luxuries and household spending in order to get money in the bank.
David Hollingworth from L&C Mortgages said: “With high house prices, rising living costs and wage growth at a virtual standstill, buying property with a partner is perhaps no longer seen as a major long term commitment for people, as it seems like such a distant possibility. Perhaps for some buying seems so far off in the future that it has fallen down their list of commitments.
“Our research shows that people are making cutbacks in order to buy a home. That extends beyond the reining back of household and luxury spending and is forcing some to hold back on major life changes such as starting a family or getting married.
“Buying with a partner will certainly be one of the biggest financial commitments you can make. It’s therefore crucial to think clearly and plan, especially as home ownership is so entwined with the long term goals of marriage and raising a family.”
|Cutbacks to buy a property||%|
|Cut back on luxuries (e.g. holidays)||22%|
|Cut back on household spending||17%|
|Moved in with parents to save for the deposit||7%|
|Took a second job||7%|
|Delayed starting a family||7%|
|Delayed a wedding / marriage||4%|