British House Buyers Consider Life Overseas To Save Money

A quarter of British people trying to get onto the property ladder in Britain would consider moving abroad – even as far as Australia or New Zealand – to live more cheaply so that they could save for a deposit to buy their first home in Britain. The findings are revealed in the latest Quarterly Savings Survey from National Savings and Investments.

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
Australia or New Zealand: one in three
USA: more than one in five
Eastern Europe: one in five

More young people are willing to move.

One in four would move abroad.
More than a third of 25-34s would relocate.
Just under a third of 35-44s would emigrate for a cheaper life.

Moving within Britain also an option.

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%) 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 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.”