Research from Santander Mortgages has revealed that nearly one-quarter (23%) of young adults aged 18-24 would be prepared to move – including moving abroad – to be able to afford a home of their own.
Buy-to-let publisherResidential Landlord reports that 1.1 million people say they would move overseas to be able to afford their own home, as the trend “generation rent” continues.
Nearly half (49%) of those who currently do not own their own home say they feel they will never be able to afford to buy a home.
A total of 30% of those aged 18-24 said they would use any inheritance they received to help purchase a home. A further 11% said they would ask their parents to stand guarantor for any mortgage.
Head of Santander Mortgages Miguel Sard 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.”
As a result of the shortage of affordable homes in the UK for first-time buyers, rents are spiralling upwards.
Research by housing charity Shelter has revealed that rents in 55% of private sector rental properties across England are beyond the reach of ordinary families.
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