Zoopla research reveals homeownership outranks marriage as top priority for UK adults
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A new survey from Zoopla reveals that 48 per cent of UK renters in a relationship are prioritising saving for a home over a wedding, with this figure rising to 59 per cent amongst Gen Z
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The financial pressures of saving for a home have resulted in a fifth considering postponing marriage in favour of purchasing a home
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High housing costs, particularly in southern England, are making homeownership feel unattainable for many, just 34 per cent feel it’s achievable in southern regions of England, versus 43 per cent in northern regions
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First-time buyers underestimate the deposit required, £56,700, compared to their expectation of £27,600
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In London, first-time buyers expect to pay just £39,800, instead of the actual deposit required of £138,800
UNDER EMBARGO UNTIL 00.01 THURSDAY 22ND MAY 2024, London: As the allure of marriage increasingly takes a backseat for many, a new survey from Zoopla has revealed that the ambition of homeownership is a key financial driver for 48 per cent of UK renters in a relationship, dwarfing the eight per cent prioritising saving for a wedding.
Just over half of all Gen Z (57 per cent) are now projected to marry, a considerable decline when compared to Gen X (72 per cent) and boomers (87 per cent)2. This aligns with the fact that 59 per cent of Gen Z cite homeownership savings as their main financial goal, while only six per cent prioritise wedding funds.
Rising housing costs have meant many have had to put their plans to marry on hold, with a fifth (21 per cent admitting that they would postpone getting married in order to buy a home. A quarter (24 per cent) said that they have had to choose between saving for a wedding and buying a home, with 37 per cent considering having a less expensive wedding to afford to buy a home.
Additionally, the desire to buy a home is creating a real-life pressure cooker for UK couples. Nearly half (49 per cent) admit that financial strains linked to property goals are sparking tension and disagreements within their relationships.
Affordability a concerning challenge
Affordability remains a challenge for many UK couples hoping to own a home, particularly in southern England, where homes in eight out of ten towns are typically valued at more than four times annual incomes3. Homeownership hopes are significantly higher in northern regions of England, where 43 per cent feel it’s achievable within the next five years, starkly contrasting with southern regions, where just 34 per cent share that optimism.
However, despite the ambition to prioritise homeownership, 73 per cent of respondents feel that the cost of buying a home in their region makes it harder to prioritise the goal. This increases to 77 per cent in the West Midlands and 82 per cent for those in London. For millennials, just nine per cent feel that they can prioritise buying a home within their region.
Table 1: Affordability hurdle by region
|
Region/country |
Percentage of UK adults who feel that the cost of buying a home makes it harder to prioritise buying a home |
|
Northern Ireland |
50 per cent |
|
Yorkshire and Humberside |
62 per cent |
|
North East |
64 per cent |
|
Wales |
70 per cent |
|
South East |
71 per cent |
|
East of England |
72 per cent |
|
East Midlands |
73 per cent |
|
Scotland |
74 per cent |
|
North West |
74 per cent |
|
South West |
75 per cent |
|
West Midlands |
77 per cent |
|
London |
82 per cent |
Source: Data from consumer research conducted by Opinium
First-time buyers face a savings reality check
Based on the average first-time buyer home price of £259,700, the average deposit required for first-time buyers in the UK is currently £56,7004. This is in stark contrast to those surveyed who believe they will need to save £27,600 in order to purchase a home.
Whilst this varies significantly by region, there is still a disconnect in some areas when it comes to what some consumers believe they will need to save, versus what they would actually need to if they were to buy their first home. Northern Ireland is the only region where perceived deposits total more than what is required. In London, first-time buyers expect to pay just £39,800, instead of the actual deposit required of £138,800.
Table 2: Disconnect between deposit required by FTB’s and perceived deposit required
|
Region/country |
Average deposit required for a FTB |
Perceived average FTB deposit |
Difference |
|
Scotland |
£34,800 |
£29,000 |
-£5,800 |
|
Northern Ireland |
£39,000 |
£42,000 |
+£3,000 |
|
North East |
£26,500 |
£23,200 |
-£3,300 |
|
North West |
£36,700 |
£24,400 |
-£12,300 |
|
Yorkshire and Humberside |
£35,000 |
£27,900 |
-£7,100 |
|
East Midlands |
£38,800 |
£25,400 |
-£13,400 |
|
West Midlands |
£41,500 |
£25,600 |
-£15,900 |
|
Wales |
£34,600 |
£25,700 |
-£8,900 |
|
East of England |
£60,800 |
£27,400 |
-£33,400 |
|
London |
£138,800 |
£39,800 |
-£99,000 |
|
South East |
£68,400 |
£22,800 |
-£45,600 |
|
South West |
£54,600 |
£30,700 |
-£23,900 |
Source: Zoopla analysis based on 2024 ONS deposit data and data from consumer research conducted by Opinium
The expectation of familial financial support is a common factor for couples, with a quarter (25 per cent) factoring in contributions from their parents or their partner’s parents to aid their first property purchase.
Daniel Copley, Consumer Expert at Zoopla, comments: “Home ownership clearly plays an important role in the aspirations of UK adults, with many prioritising it over getting married. However, achieving this ambition is challenging due to the considerable affordability gap, with our data highlighting the significant disconnect between what first-time buyers believe they need to save for a deposit and the actual amount required.
“This underscores that affordability is a central pillar in people’s home-buying decision-making process. Aspiring homeowners should engage with a qualified mortgage broker early on. They can provide essential guidance on deposit requirements, affordability thresholds and available financing options, ensuring buyers are well-informed as they embark on their property journey.”
Zoopla has a wide range of affordability tools available for would-be buyers on its site, including a mortgage calculator that can help you to understand what you could afford based on your income and to help plan your next move.
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