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Almost half of non-home owners in the UK don’t ever expect to own their own place and 1.1 million, or 7%, would consider moving abroad to fulfil their dream of owning a property, new research has found. Those aged 18 to 24 are most likely to take drastic measures to own a home, according to the study from Santander Mortgages which shows 49% think they will never own a property. Some 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 of 24 year olds, some 20% were willing to reduce their standard of living and 20% were willing to sacrifice luxury purchases such as a car or holiday. The research also found that 28% of 18 to 24 year olds are living with their parents or partner’s parents while they save money for a deposit and an additional 6% of this age group would be willing to move back in with parents despite having already flown the nest. Some 30% of 18 to 24 year olds who are non-home owners 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 6% of 45 to 54 year olds. ‘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,’ said Miguel Sard, head of Santander Mortgages. ‘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,’ he explained. ‘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,’ he added. Continue reading →
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