House Seekers Move Abroad For Affordable Homes
A fifth of disillusioned house hunters in the UK would consider leaving the country due to the cost involved in getting on the housing ladder.
The United States is the most popular location with 31% saying they would consider moving there, according to research from comparison website Gocompare.
Some 29% would consider moving to Australia and 20% to New Zealand with men more likely than women to consider a move overseas while those aged between 18 and 24 years old were most keen to leave the UK.
Overall the most popular step to get on the property ladder is the government’s flagship Help to Buy scheme with 30% saying that is their preferred option but 20% willing to move abroad.
The poll also shows that 15% would consider buying with friends, 14% would look at buying a micro home, 13.5% a static caravan or park home, 12% with their parents and 12% with other family members such as siblings.
‘A lack of affordable housing has resulted in a property market that is closed off to an increasing number of would-be homeowners. As such, it’s hardly surprising that many people feel like they may have to take some rather drastic steps to own a home,’ said Matt Sanders, spokesperson for Gocompare.com Mortgages.
‘While shared ownership, settling for small or alternative forms of accommodation, and even getting on a plane to another country are being mulled over as options for many, it’s also encouraging to see from our research that people are actively considering making use of the Help to Buy scheme. The majority of people who have applied to the scheme so far are first time buyers, but it’s open to all borrowers,’ he pointed out.
‘If you’re actively looking to buy a home, it’s well worth seeking advice from a qualified, impartial mortgage broker, who can give you an idea of what you can afford and the options available to you,’ he added.