According to new research from Santander Mortgages, seven per cent of you would consider emigrating if it meant you could buy your own house, while nine per cent would be happy to relocate elsewhere in the UK or move jobs. However, despite this willingness to make life changes in order to buy, 49 per cent of non-homeowners (that’s 7.5 million people) believe they will never own their own home.
In order to raise a deposit, people are also willing to sacrifice purchases like a new car or going on holiday, as well as reducing their standard of living. Many would also move back into their parents’ house, take on additional debt, withdraw cash from their pension pots or use an inheritance so that they could raise enough money for a deposit.
“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,” head of Santander Mortgages Miguel Sard remarked.
He went on to add that there are lots of options available to people keen to buy their own homes, so they must shop around in order to find the best deals, as well as taking good advice regarding mortgages and properties.