Will delayed weddings boost the housing market?
21st August 2020 posted in Sellers Buyers Landlords Tenants
Given the peculiar nature of these times, it is understandable many people are looking at the housing market in a new manner. At Hunters Forest Hill, we are keen to provide you with the best standard of insight as we can, and we admit the current challenges facing the market is leading to some interesting conversations.
The COVID-19 pandemic has had a significant impact on people and things we would ordinarily take for granted. One significant impact for many people, but something which wouldn’t even be given for a thought by many other people, is the number of cancelled weddings because of the pandemic.
A lot has been said about cancelled sporting events and live events, while the impact on remote working has been examined to a considerable degree. However, when it comes to delayed weddings, is there likely to be an impact on the housing market?
A lot of weddings have been delayed or postponed because of COVID-19
It is believed more than 73,600 marriages and same-sex partnerships have been delayed because of the pandemic. The figures suggest each couple has saved around £16,005 because of this delay. Of course, each relationship and ceremony is different.
Some couples are currently counting the cost of non-refundable deposits or plans changing at the last minute. However, with so many couples saving money, and a lot of households re-evaluating what is important to them, many might think this money might be put to better use.
Money could be put to better use
There is also the fact many people will decide against holding a lavish wedding. Big weddings cost a lot of money, and they take a lot of organising. Couples can get married right now, but they are more modest affairs. This means money spent on a wedding could be put to another use, and this might provide couples with the confidence to enter the housing market.
When you consider the current stamp duty holiday and money saved on a wedding, some couples might have the means to arrange a deposit and step on the property ladder.
However, it is worth noting that around one in eight couples co-habit before they get married, so not everyone delays living together until they get married.
With the average deposit for first-time buyers in the UK for 2019 costing £46,187; the average cost of a wedding (£16,005) represents 35% of the deposit. You can see that some couples will decide to place this money to buy their own home and delay or change their wedding plans.
No matter what your property plans are, if you are keen to talk the issue over with a local market expert, we are here for you.
At Hunters Forest Hill, we know selling property is challenging, but we are here to assist you in the process. If you aim to buy, sell, let your home or rent property, we are active in New Cross, Peckham, Dulwich and Brockley, in addition to Forest Hill, so get in touch with one of the top three agents in London, and we will be happy to assist you.