First time buyers prepared to move further distances
First time buyers are prepared to move ever greater distances to
secure a foot on the housing ladder, it has been claimed.
According to data from Abbey Mortgages, 25 per cent of first time
buyers would consider a move to a cheaper, less desirable area of
the UK in order to secure a property of their own.
Meanwhile, 16 per cent of young potential homebuyers would not
baulk at moving overseas, if it meant they could be sure of buying
a first home.
However, in spite of high property prices making conditions tough
for first time buyers, such desperate measures are not always
necessary, Nici Audhlam-Gardiner, head of Abbey Mortgages
She said: "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.
"[For example] we have a range of mortgage deals designed
specifically with first time buyers in mind, including no deposit
mortgages," Ms Audhlam-Gardiner added.