You are here: Home - Mortgages - First Time Buyer - News -

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

0
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%

 

Tag Box

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
Woodford sells decade-long holding in ‘expensive’ Reckitt Benckiser

Neil Woodford has ended a 10-year investment in Reckitt Benckiser after the shares became "too expensive" to justify holding any...

Close