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Brits look abroad to help save for domestic property

An increasing number of consumers are prepared to leave Britain in a move to save money to help them get on to the property ladder back home, new figures reveal.

According to a study by National Savings and Investments some 25 per cent of Britons claimed they would consider moving abroad so they can save up for a deposit or to meet homeowner loan costs on their first property back home.

Senior savings strategist Dax Harkins said: “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.

“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.”

The study revealed that 43 per cent of Britons would consider moving to Spain, with some 33 per cent looking to go to either New Zealand or Australia.

According to the Consumer Credit Counselling Service (CCCS), homeowners are set to find the affordability of property squeezed as homeowner loans grow at a record rate.

The CCCS claimed that the average homeowner loan is about £150,000, a rise of some 50 per cent over the last three years.

Interfinancial providing you with breaking homeowner loans news.

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