Money News
A quarter of British people attempting to get onto the property ladder in this country would consider moving abroad - even as far as Australia or New Zealand - to live more cheaply, so they could save for a deposit to buy their first home in Britain. That's according to the latest Quarterly Savings Survey from National Savings and Investments (NS&I).
The survey asked more than 1,000 people who don't or aren't currently buying their own home. The results show that Spain (43%), Australia or New Zealand (33%) and the USA (22%) were the top choices for those people who would consider moving abroad for a cheaper life so they could save for a deposit on their first home in Britain. A fifth would also consider moving to Eastern Europe. Figures also show that 36% of 25-34s would relocate, while 32% of 35-44s would emigrate for a cheaper life.
While a quarter of British people would consider moving to another country to live more cheaply in order to save for a deposit on a home in Britain, an almost equal number (24%) would be happy to moveto a cheaper part of this country for the same reason.
Again, younger people are most mobile, with 35% of 16-24s and 25-34s saying they'd move to a cheaper part of the country for the sole purpose of saving money for a deposit on their first home.
Other findings in the survey have shown an increase in the average amount saved by those saving regularly to £184.32, compared to £169.13 in winter 2005-06. Meanwhile, there has been a decrease in the percentage of regular savers to 43%, compared to 55% in winter 2005-06 and a decrease in the mean amount saved per head to £70.69, compared to £85.71 in winter 2005-06.
12 March 2007 © Moneyextra.com
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