News: 1 in 5 Brits would move abroad for affordable home

Mon, 10 Nov 14

One in five Brits would move abroad to buy an affordable home, thanks to lack of supply here, according to new research.

A survey from GoComapre.com Mortgages has revealed that house-hunters are becoming increasingly frustrated by the British property market, with the UK population growth exceeding the number of new dwellings completed by more than double.

Indeed, while almost a third (30 per cent) would apply for assistance from the governmentís Help to Buy scheme, many would be willing to resort to far more desperate measures.

The survey of 2,000 UK adults looking to buy a home found that 20 per cent would consider moving to another country, with majority English-speaking countries USA (31 per cent), Australia (29 per cent) and New Zealand (20 per cent) being the most likely destinations for wannabe expats.

The Scandinavian countries, so often held up as leading-lights for happiness, education and general standards of living, received just 9 per cent of the vote.

Men (22 per cent), were more likely than women (18 per cent) to consider a move overseas in pursuit of property; while those aged between 18 and 24 years old (23 per cent) indicated that they were most keen to leave the UK, followed by 35-44 year olds (21 per cent), and the over 55s (19 per cent).

"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, itís also encouraging to see from our research that people are actively considering making use of the Help to Buy scheme,2 commented GoCompare.com spokesperson Matt Sanders. "The majority of people who have applied to the scheme so far are first time buyers, but itís open to all borrowers."

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