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Brits happy to leave country to save for house

March 12, 2007 by admin  
Filed under News, News-Mortgages

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The British property market is proving to be so inaccessible to first-time buyers that many are considering moving abroad.

According to research carried out by National Savings & Investments (NS&I), one quarter of us are prepared to live in another country while saving for a mortgage on a property back home.

More than 1,000 people were questioned as part of the firm’s Quarterly Savings Survey and it was revealed that 25 per cent would consider moving abroad.

Some are even prepared to go as far as Australia and New Zealand, while Spain appears to be the most popular destination.

The USA and eastern Europe were also named as likely locations, while 24 per cent of Brits said that moving within Britain would also be an attractive option.

“British people clearly have a great appetite for buying a property in this country but find it difficult to save for a deposit while living here,” commented Dax Harkins, senior savings strategist at NS&I.

“It seems many will go to extreme lengths to achieve their goal, even if it means moving to the other side of the world in order to save up for a deposit back home.”

If you are struggling to get onto the in the UK it may be worth moving to a nation with a cheaper cost of living and giving yourself the choice of moving back or staying abroad in the future.

Tags: extreme lengths, National Savings, new zealand, property ladder, Quarterly Savings Survey, mortgage, buying a property

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