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How far would you go to get on the housing ladder?

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Written by:
08/10/2014
More than one million Brits would consider leaving the UK if it meant they could afford to buy a home, new research has revealed. How far would you go?
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 
 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% 
 Move back home 4%  8%

 

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