Quarter of first-time home buyers consider relocation

Up to a quarter of Brits would consider moving across the UK to get their first foot on the housing ladder.

That is according to research from Abbey Mortgages, which finds 25 per cent of homebuyers in the UK would uproot their lives and move across the country to find a suitable property.

Interestingly, one in six first-time buyers would consider leaving the country in order to get obtain their first property.

Spain and France are among the most likely destinations and have long been among the most popular overseas investment destinations for Brits.

"It’s interesting to see the lengths that people are prepared to go to for their first property," said 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."

The lengths first-time buyers will go to in order to obtain a property has also evolved.

While only one in ten of those who have secured their first property in the previous five years would have sold something sentimental to them to do so, this figure has now increased to one in five, 20 per cent, a fifth.

Some 39 per cent of first-time buyers are also willing to take a second mortgage in order to gain their place on the housing ladder.

Up to 16 per cent would also even consider a third job.