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

Lucinda Beeman
Written By:
Lucinda Beeman
Posted:
Updated:
10/12/2014

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?

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%