FTBs move abroad to save money for UK house purchase

Posted: 12 Mar 2007 16:22:21 GMT

Many first-time buyers are looking to live overseas in order to help finance the purchase of a UK home, according to a new survey

Many first-time buyers are looking to live overseas in order to help finance the purchase of a UK home, according to a new survey.

Research conducted by National Savings and Investments (NS&I) concluded that 25 per cent of Brits would consider living abroad in order to enable them to save for their first UK mortgage and build up a significant deposit.

The most popular destination was Spain, with a total of 43 per cent of participants regarding the country as the ideal location, while 33 per cent opted for Australia.

Dax Harkins, senior savings strategist at NS& I, explained: "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," he added.

Escalating house prices, rising Bank of England interest rates, as well as inflation mean that many people, especially younger Brits, view living abroad as the ideal way to enjoy a temporary change in lifestyle as well an opportunity to save for their dream UK home.


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