A quarter of first-time homebuyers would consider moving abroad to live more cheaply so they could save a deposit for a home in the UK, according to a survey by National Savings and Investment (NSI).

The top destinations that would allow such a UK investment in property by saving cash in the short- to medium term were Spain, Australia, New Zealand and the US.

Around 20% of people said that they would even move to Eastern Europe if they felt it would assist their UK investment plan. Moreover, one in three said they would move to a cheaper part of the UK to save cash for a deposit on a home.

One person who has done this is 24-year-old IT manager Steve Whitton, originally from Surrey but now resident in Nottingham. “I am sharing a place in Nottingham and working on contracts around the East Midlands so I can save a deposit for a place in Surrey, which is, after all, my home area,” he said.

“The trouble is that property in Surrey is astronomically priced and even if I rented locally there I’d have real trouble getting enough surplus cash to put towards my saving and investment plan.

“Nottingham is cheap and cheerful and I’m saving loads while I’m here.”