A survey from Zoopla shows that around 49% admitted that “financial strains” linked to their desire to buy a home are creating problems in their relationships.
The report stated that nearly a fifth admitted they would postpone getting married to buy a home and a quarter said they have had to choose between saving for a wedding or buying a home.Around a quarter are factoring in contributions from their parents or their partner’s parents to support their first property purchase.
Affordability is a key concern, with almost three-quarters of respondents feeling that the cost of buying a home in their region makes it harder to prioritise buying a home.
This goes up to 82% in London, while it is 77% in the West Midlands and 75% in the South West.
Only 50% of those in Northern Ireland pointed to affordability hurdles in their area, followed by Yorkshire and the Humber at 62% and the North East at 64%.
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For Wales and Scotland, the proportion who felt the cost of buying a home was a hurdle came to 70% and 74% respectively.
Zoopla said that based on the average first-time buyer home price of £259,700, the average deposit needed is estimated at around £56,700. This compares to the expectation from prospective buyers that they will need to save £27,600.
There is regional variation, but the report warned that there was a “disconnect” between what consumers think they need to save versus what they actually need to save.
| 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 the Humber | £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 |
Daniel Copley, consumer expert at Zoopla, said: “Homeownership 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.”
This article was first published on our sister site, Mortgage Solutions. Read: Almost half of renters in a relationship saving to buy a home but affordability remains a concern
