New research from Santander Mortgages reveals that 1.1 million (7%) Brits would consider emigrating if it meant they could afford their own home.
In addition, 9% would be willing to move jobs or relocate somewhere else in the UK to get a foot on the ladder, rising to 23% of 18-24 year olds.
The research reveals that 7.5 million (49%) of non-homeowners don’t ever expect to own a home. However, for those willing to save for a deposit, the majority were willing to reduce their standard of living (20%) or sacrifice luxury purchases, for example, a car or a holiday (20%).
Meanwhile, 28% of 18 to 24 year olds who do not own a home living with their parents or partner’s parents while they save money for a deposit. An additional 6% of this age group would be willing to move back in with parents despite having already flown the nest.
30% of 18 to 24 year olds who are non-homeowners would use their inheritance to build deposit funds and 11% will use their parents as guarantors to secure a mortgage. The same number would be willing to withdraw money from pension savings, compared to only six% of 45 to 54 year olds.
Miguel Sard, head of Santander Mortgages, said: “With living costs rising ahead of salaries for many people, raising a deposit remains one of the biggest concerns for first time buyers, especially for younger generations. However, there are a variety of options available to suit most budgets, so it is crucial that prospective buyers shop around for the best deals and get sound advice in terms of properties and mortgages.
“Santander can help with upfront costs and our range of Help to Buy mortgages offer competitive fixed and tracker rates to buyers with a 5% deposit. Our 1|2|3 Current Account also gives 1% cash back on Santander mortgage payments, rewarding our customers and helping them make the most of every penny they spend.”