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News: Savers set sights on emigration

Fri, 08 Jun 07

One in four first-time buyers is prepared to forfeit their first step onto the UK property ladder in favour of living overseas and Spain ranks first in their countries of choice, research from National Savings and Investments (NS&I) has found...

Two in five of those considering a move abroad for their first home purchase cited Spain as their number one destination, while Australia and New Zealand were the second most popular destinations, attracting 33 per cent of homebuyers.

Meanwhile, only one in five were prepared to consider buying in the opening property markets of eastern Europe.

The survey examined whether first-time buyers would consider living in a country where the cost of living was cheaper, with a view to later returning to the UK and buying a home on the back of the savings they made.

It found that first-time buyers were not the only group ready to move to save on living costs -  32 per cent of people between 35 and 44 also voiced a willingness to emigrate.

According to the Office of National Statistics, Britons already own 69,284 properties in Spain, although Datamonitor statistics suggest the real figure may be as high as 250,000.

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