First-time buyers would move to get a property

Published: November 19, 2007

A quarter of first-time buyers would consider moving to a different part of the country in order to use their mortgage to buy a home they can afford, a new study has shown.

Abbey found that 25 per cent of first-time buyers are thinking about moving to a cheaper area of the UK in order to be able to afford their first home.

What's more, 16 per cent revealed that they would think about using their mortgage to buy a property in another country.

In order to make the mortgage repayments on a new home, 39 per cent of first-time buyers are ready to take a second job and 20 per cent would sell items of sentimental value.

"It's interesting to see the lengths that people are prepared to go to for their first property," commented Nici Audhlam-Gardiner, head of Abbey Mortgages.

"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."

A separate report from Abbey recently showed that first-time buyers had to borrow almost one third more than those in the north to get on the property ladder.