- Nearly 60% of Newlyweds Unable to buy Property
- “Public Housing Couples” Increased by 157% in 4 years
[Hong Kong – 14 January 2013] ESDlife, Hong Kong’s No.1 wedding information medium, conducted “Wedding Spending Survey” last year to understand the spending behavior and average wedding expenditure of wedding couples. The survey also includes the planning of home ownership of newlyweds.
About 60% of Newlyweds Unable to buy Property One-fourth Lives with Family after Marriage
Referring to the data from Hong Kong Statistics and Census Department, the average price index of private domestic premise* increases enormously by 84% from 2009 to 2012. In particular, the price of “starter homes” rises fastest; net floor area with less than 430 sq. foot recorded price increment of 90% or above, this suggests that couples find difficulty in owning property after marriage. According to the results from ESDlife Wedding Survey 2012, 95% of couples wish to have their owned property after marriage, but 57% of them express inability to do so, the number is higher compared to last year’s data. Besides, the trend for couples to live with their family after marriage is increasing, 26% of respondents claim that they would either live with their parents altogether even married. By comparing to 2009, the result has increased for over 70%, and it has hit 4-year high. The findings reflect how seriously, nowadays, is the housing problems in Hong Kong. It is more difficult for couples to their own nest after marriage. Therefore, the new generations with financial insufficiency tend to choose to live with family in order to save for first installment.
“Public Housing Couples” increased by 157% in 4 years
Regarding to the soaring increase in the buy and rental price for private domestic premises, the number of newlyweds choose to live at public housing estates has sharply increased from 7% to 18% in 2009 to 2012, up 157% in 4 years. Meanwhile, there is an increment in newlyweds to choose to live in other residential place such as the Home Ownership Scheme (HOS) flat and village house, accounting for overall of 24%. In contrary, the number of newlyweds chooses to live in private housing is continually declining, from 72% in 2009 to 56% in 2012, hitting record lows. We believe that, the government, apart from the responsibility to control the price of private housing, should also consider on increasing the provision in public housing and HOS flat establishment. (See appendix)
Over 50% of newlyweds owned property after at least 1 year of marriage
Over the past years, Hong Kong women generally would have wedding discussion based on their partner’s ability in owning private property. However, due to the persistently high housing price, we believe that this traditional mindset would gradually be changed overtime. The survey points out that 54% of respondents will be able to owned property only after one year or more of marriage. This suggests that, nowadays, “Purchasing property before marriage” is not a must. Over half of the respondents suggest that their wedding plan would not be affected even though they are not affordable to become a homebuyer. On the other hand, 44% of respondents claim that they would choose 90% or above mortgage plan for their housing. This shows that the newlyweds who are successfully becoming a homebuyer may not be as positive as they may think, because this also interprets as long term burden of heavy interest in the future.
Newlyweds Choose to Rent Massive Increase by 30% in 4 years
Paying high rent is inevitable for some newlyweds. Result suggests that the number of newlyweds choose to rent a house after marriage sharply increased from 33% to 43%, up 30% in 4 years. High renting demand has led to a large rise in rental fee. According to the data from Hong Kong Statistics and Census Department, the average rental price index of private domestic premise* increases enormously by approximately 50% from 2009 to 2012, and the result also indicates that newlyweds are more likely to rent house in New Territories. Besides, the rental fee for housing with net floor area less than 430 sq. foot has increased 64%, average rental fee of $21 per sq. foot.
Heartfelt Wish from Newlyweds Urge for More Orientated and Better Housing Policy
Nowadays, for newlyweds to have an owned property is one of the most difficult things to achieve. In Wedding ESDlife, the Wedding Union, an online social media platform dedicated for newlyweds, discussions on current housing problems for newlyweds can easily be found from time to time. They truly hoping the government will listen to their opinions in order to help and ease all the housing problems. We are looking forward to the better and oriented housing policy being announced in the coming Wednesdays by the government. Below are highlights of newlywed’s comments from the Wedding Union:
Tata2013: 「依家天水圍既居屋 600呎賣緊 300 (補地價)!!!個市…好似痴左線…講真, 我有d 唔係好敢買…雖然唔抵, 但係搵唔到我會決定租樓。」
Rilaklion: 「以為放晒D 資源落去婚禮上，我地就會瞓街….之後阿媽提出可以我地霸晒成間公屋….已經係幸運之神眷顧…. 」
catcat2056:「而家個樓市, 租同供都死, 太OVER喇」
Ronnie-L: 「我婚後都係租緊樓住….希望快d 可以買樓啦~~~ ^^」
Booloveingod: 「經上星期的認真計算, 發覺買樓的負擔真的很重, 除了每月的供款, 最難搞是首期…… 一買了便一身債, 結婚的 budget 也會緊了很多…….. 」
shubabiii0v0: 「但買樓o個度都仲未解決…..好煩啊……5想租屋的原因係, 知道租屋後就無咩多餘$$可以儲來買樓….唉……………好頭痛…… 」
Type of Newlyweds’ Accommodation in 2009 – 2012
|Type of Accommodation||2009||2010||2011||2012|
|Public Housing Estate||7%||10%||16%||18%|
|Home Ownership Scheme (HOS) Flat||15%||16%||17%||17%|
|Hostel and others||2%||1%||3%||2%|
Note 1: * Source: Hong Kong Monthly Digest of Statistics “published by the Census and Statistics Department in December 2012, the latest index ended in 2012 October. Monthly analysis of the number of transactions and building sites are different. The average selling price of the building and the property price index can only be read as a rough price trend. Numbers based on net floor area.
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