5.1 million UK adults delay starting a family or getting hitched in order to buy a home, despite just 8 percent of the UK seeing owning a property with a partner a significant long term commitment.
According to the latest research from L&C Mortgages, 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. However, only 8 percent of adults considered buying a property with a partner to be the greatest example of a long-term commitment.
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.:
The research found that a third of UK adults believe that getting married to someone is the best example of a long-term commitment, while 21 percent believe being in a long-term relationship with someone is the best example.
22 percent of people cut back on luxuries, such as holidays and clothes, to save for a deposit, with 17 percent cutting back on household spending.
“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”, Hollingworth said.