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Media centre /
Press releaseFIRST-TIME BUYERS WOULD LEAVE BRITAIN TO SAVE FOR A HOUSE BACK HOME12 March 20071 in 4 would choose to live overseas to save money, finds NS&I’s latest Quarterly Savings Survey A quarter (25%) of British people attempting to get onto the property ladder in this country would consider moving abroad – even as far as Australia or New Zealand – to live more cheaply so they could save for a deposit to buy their first home in Britain. The findings are revealed in the latest Quarterly Savings Survey from National Savings and Investments (NS&I), to be published on 12 March. Top locations abroadThe Quarterly Savings Survey asked more than 1,000 people who do not own or are not currently buying their own home, “Would you consider moving abroad where the cost of living might be cheaper in order to save to get on the property ladder back in Britain?”. The results show that Spain, Australia or New Zealand and the USA were the top choices for those people who would consider moving abroad for a cheaper life so they could save for a deposit on their first home in Britain. A fifth would also consider moving to Eastern Europe.
More young people willing to move
Moving within Britain also an optionWhile a quarter of British people would consider moving to another country to live more cheaply in order to save for a deposit on a home in Britain, an almost equal number (24%) would be happy to move to a cheaper part of this country for the same reason. Again, younger people are most mobile, with more than a third of 16-24s and 25-34s (35% respectively) saying they would move to a cheaper part of the country for the sole purpose of saving money for a deposit on their first home. Dax Harkins, senior savings strategist at NS&I, said: “British people clearly have a great appetite for buying a property in this country but find it difficult to save for a deposit while living here. It seems many will go to extreme lengths to achieve their goal, even if it means moving to the other side of the world in order to save up for a deposit back home.” Quarterly Savings Survey: other findingsNS&I’s winter 2006-07 Quarterly Savings Survey, running since spring 2004, examines trends in savings behaviour across Britain (See Notes to Editors). This winter’s survey, looking at the months of December, January and February has also found:
See Notes to Editors Savings aspirations fall at an even faster rate
But committed savers are saving more
ENDS Notes to Editors 1. When the survey was carried out this quarter, information about savings was requested in a different way. This has slightly affected the results given, showing greater changes between this quarter and previous quarters. Although the general trends shown are as expected some caution should be used when making a direct comparison between this quarter's data and previous quarters. For a PDF of NS&I’s Quarterly Savings Survey click here or for a hard copy or further information on the statistics supplied in this release please contact the NS&I media team. A regional trend breakdown is also available. The survey of peoples’ savings habits and likelihood to save in the future was carried out by TNS Phonebus among 3,050 GB adults aged 16+ between 1 December 206 and 4 February 2007. Dax Harkins is available for interview and high-resolution photographs can be supplied. Contact the media team to arrange an interview or request photographs by e-mail.
Media team The numbers below are for media use only. Customers wishing to contact NS&I can find details here.
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