The latest Quarterly Savings Survey from National Savings & Investment indicates that one in four UK first time buyers would buy overseas to save up for a house in the UK.
The Quarterly Savings Survey asked more than 1,000 people who do not own or are not currently buying their own home if they would consider moving abroad where the cost of living might be cheaper in order to save to get on the property ladder back in Britain. Results indicated that Spain (43%), Australia or New Zealand (33%), the USA (22%), and Eastern Europe (20%) were the top choices for those who would consider moving abroad.
This option is definitely more popular with younger people. Whilst, overall, 25% would move abroad, this proportion rose to 36% in the 25 to 34 age bracket and 32% of 35-44s said they would emigrate for a cheaper life.
“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,” said 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.”
NS&I’s winter 2006-07 Quarterly Savings Survey, which has been running since spring 2004, examines trends in savings behaviour across Britain.