The latest quarterly savings survey from National Savings & Investments has found that 25% of Brits unable to stump up the deposits required to buy properties would be prepared to live in a cheaper country for a few years to save the money.
Some 1,000 people were surveyed by NS&I and Spain, Australia, New Zealand and the US emerged as the favoured choices, although one-fifth would consider moving to Eastern Europe.
Age plays a factor in people’s willingness to move abroad. More than a third of 25 to 34 year olds would relocate for a cheaper life compared with under a third of 35 to 44 year olds.
While a quarter of British people would consider emigrating to save for a deposit, 24% would be happy to move to a cheaper part of this country for the same reason.
More than a third of 16 to 34 year olds said they would do this for the sole purpose of saving cash.
Dax Harkins, senior savings strategist at NS&I, says: “British people clearly have a great appetite for buying properties but find it difficult to save for deposits 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 to save up for deposits back home.”
NS&I’s quarterly savings survey, which has been running since spring 2004, examines trends in savings behaviour across the country.
The 2006/07 winter survey, looking at the months of December, January and February, also found an increase in the mean amount accrued by people saving regularly to 184.32 compared with 169.13 in winter 2005/06.
However, it identified a decrease in the percentage of regular savers to 43% compared with 55% in winter 2005/06 and a decrease in the mean amount saved per head to 70.69 compared with 85.71 in the previous winter period.