More than a million people are so desperate to climb on to the property ladder that they are willing to move overseas as expats, according to a new survey.
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Around 7% of home hunters who cannot afford to buy in Britain are looking at moving abroad to buy a property, says high street bank Santander.
That percentage amounts to a staggering 1.1 million people looking to buy a home, the bank has calculated.
Many are looking at cheaper property prices in Spain, where the housing market still has to recover from a 50% plunge in prices following the Eurozone debt crisis.
However, paying the mortgage could still present a problem as the jobless rate hit a high of 26% following a bail-out to bolster the economy.
The housing crisis in Britain is so bad, as rising prices and strict rules on working out mortgage affordability has dashed the hopes of millions ever owning their own home.
The study reveals that 20% of people are willing to cut their standard of living to buy a home, while nearly half have decided that they can never afford a deposit to purchase a property.
Many others are ready to move to another part of Britain where properties are cheaper if that meant they could buy a home.
Younger workers are especially willing to move – with nearly a quarter ready to relocate if they could buy a home, says the report.
Those aged between 18 and 24 years old are also willing to move in with their parents or other relatives if that frees up cash for them to save a deposit.
These desperate measures of home seekers are despite efforts by the government to make owning a home easier with the Help To Buy scheme that underwrites mortgages and helps with deposits.
Desperate to buy
The government’s new pension rules will also help many over 55s amass the cash to put down on a deposit for a home for the first time, the research reveals.
Around 28% are hoping for an inheritance to open the door on home ownership.
Miguel Sard, head of Santander Mortgages, said: “The rising cost of living is outpacing salary increases for millions of workers and this is reducing the amount of cash they have available to save as a deposit.
“Many are desperate to buy a home and they have some drastic financial measures in place to achieve their ambitions.”
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