First time buyers consider migration

One–in-four first time buyers (25 per cent) are considering a move to a cheaper area of the UK in order to be able to afford their first home, according to research from Abbey Mortgages. And one-in-six (16 per cent) would consider moving to another country where house prices are within their grasp.

The research found other interesting increases in the measures that today’s first time buyers would take to get a foot on the property ladder. Indeed, while only one-in-ten of those who got on the housing ladder in the last five years would have sold items of sentimental value, this has more than doubled today with one-in-five of today’s first time buyers (20 per cent) preparing to do so.

Today’s first time buyers are also more willing than ever to burn the candle at both ends to secure a home, with more than one-in-three (39 per cent) ready to take on a second job. Almost one-in-six (16 per cent) are even searching for a third job.

Nici Audhlam-Gardiner, Head of Abbey Mortgages commented: “It’s interesting to see the lengths that people are prepared to go to for their first property. Although it can be more difficult these days to become established on the property ladder than it has been for previous generations, there are still a number of options for first time buyers that don’t require taking such drastic measures.

“Abbey is fully aware of the difficulties first time buyers have in getting onto the property ladder, and is committed to developing new mortgages to give these customers the help they need. We have a range of mortgage deals designed specifically with first time buyers in mind, including no deposit mortgages. We also have products which help with the upfront costs such as free valuations and a £250 contribution towards legal fees.”

For more information, log on to abbey.com/mortgages or drop in to your local Abbey branch.