How far would you go to get on the housing ladder?
According to Santander Mortgages one in 10 British adults would consider relocating to a less desirable part of the UK just to get a foot on the housing ladder, while a total of 1.1m people would think about leaving the country completely.
Younger people – those aged between 18 and 24 – are willing to go further than their older and more established counterparts. Some 11 per cent of young people would withdraw money from a pension pot to boost their deposit, compared to just five per cent of all age groups, while 30 per cent would use an inheritance as a down payment. Just five per cent of all age groups said the same.
Regardless, 49 per cent of all non-homeowners never expect to own a property of their own.
See the chart below for a breakdown of how far Brits would go to get that deposit saved:
|The things non-homeowners would do in order to save for a deposit||All||18-24 year olds|
|1||Sacrifice non-essential///luxury purchases||20%||41%|
|2||Reduce standard of living (buy cheaper food, go out less)||20%||37%|
|3||Use an inheritance to pay for a deposit||18%||37%|
|4||Relocate or change jobs and live somewhere else||9%||23%|
|5||Move out of the UK||7%||11%|
|6||Withdraw money from pension savings||5%||11%|
|7||Take on additional debt||4%||8%|
|8||Move back home||4%||8%|