The study reveals that 1.1 million (7%) would consider emigrating if it meant they could afford their own home. A further one in 10 (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 18-24 year olds.
The research reveals that 7.5 million (49 %) of non-homeowners don’t ever expect to own a home. However, the dream is alive for many, who are willing to draw on a range of measures to save for a deposit. Of those surveyed the majority were willing to reduce their standard of living (20 %) or sacrifice luxury purchases, for example, a car or a holiday (20 %).
Younger generations are the most likely to rely on family in their quest for homeownership, with more than a quarter (28 %) of 18 to 24 year olds who do not own a home living with their parents or partner’s parents while they save money for a deposit. An additional 6% of this age group would be willing to move back in with parents despite having already flown the nest.
Almost a third (30 %) of 18 to 24 year olds who are non-homeowners would use their inheritance to build deposit funds and one in 10 (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.
Miguel Sard, Head of Santander Mortgages, said:
“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. 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.
