21 Nov

First time buyers prepared to move further distances

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 said.

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.

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