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  • Writer's pictureNikki Latham

UK Adults Postpone Major Life Milestones To Get On The Property Ladder

UK adults are delaying major life milestones in order to buy a home, with 25% postponing marriage and 15% waiting to have children until they can afford a mortgage.

A study by Yorkshire Building Society found that a third are sacrificing buying a new car and 55% are skipping holidays to save for a home. The average age to buy a first home is 35, with an average deposit of £31,916 (rising to £44,128 in London) taking nearly five years to save for.

Prospective buyers expect to receive an average of £18,047 from family towards their deposit. 64% plan to buy with a partner to ease the financial burden, and 53% are motivated by wanting to stop wasting money on rent. 38% aim to invest in a property, while 34% want a place to settle down and start a family.

First-time buyers estimate it will take them 23.4 years to pay off their mortgage, with 43% prioritizing a shorter mortgage term over lower initial payments.

This news story has been produced by Chesil Radio's News Team, for more information please visit:

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