According to the National Savings and Investments' (NS& I) Quarterly Savings Survey, people would move even as far as Australia or New Zealand to live more cheaply so they could save for a deposit to buy their first home in Britain.
Top locations abroad
The Quarterly Savings Survey asked more than 1,000 people who do not own or are not currently buying their own home: 'Would you consider moving abroad where the cost of living might be cheaper in order to save to get on the property ladder back in Britain?'.
The results show that Spain, Australia or New Zealand and the USA were the top choices for those people who would consider moving abroad for a cheaper life so they could save for a deposit on their first home in Britain. A fifth would also consider moving to Eastern Europe.
- Spain: more than two in five (43 per cent)
- Australia or New Zealand: one in three (33 per cent)
- USA: more than one in five (22 per cent)
- Eastern Europe: one in five (20 per cent)
- One in four (25 per cent) would move abroad
- More than a third (36 per cent) of 25-34s would relocate
- Just under a third (32 per cent) of 35-44s would emigrate for a cheaper life.
While a quarter of British people would consider moving to another country to live more cheaply in order to save for a deposit on a home in Britain, an almost equal number (24 per cent) would be happy to move to a cheaper part of this country for the same reason.
Again, younger people are most mobile, with more than a third of 16-24s and 25-34s (35 per cent respectively) saying they would move to a cheaper part of the country for the sole purpose of saving money for a deposit on their first home.
Dax Harkins, senior savings strategist at NS& I, said: "British people clearly have a great appetite for buying a property in this country but find it difficult to save for a deposit while living here. It seems many will go to extreme lengths to achieve their goal, even if it means moving to the other side of the world in order to save up for a deposit back home."
