Brits prioritising home ownership ahead of marriage and children
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Millions of Britons are putting marriage and babies on the backburner to focus on buying a home.
According to new research from L&C Mortgages, 5.1 million Brits put property purchases before getting married and starting a family, yet just 8 per cent see buying a home with a partner as their biggest long term commitment.
Cutbacks that respondents have made in order to buy property include going without luxuries such as holidays (22 per cent), reducing household spending (17 per cent) and moving in with parents to save for a deposit (7 per cent).
7 per cent said that they had delayed starting a family, while 4 per cent said that their wedding plans had been put on hold.
Getting hitched is seen as the biggest life commitment by most respondents – 33 per cent – compared to being in a long-term relationship (21 per cent) or having children (18 per cent). Only 8 per cent considered buying a house with someone to be the biggest life commitment they could make.
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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. “
He added: “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.”
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