First-time buyers find new ways to afford homes

Around 25 per cent of first-time buyers would move to a different part of the UK and 16 per cent would consider moving abroad to afford their first home, reveals Abbey Mortgages.

The bank also claims that 39 per cent of people trying to fund a property would take on a second job and 16 per cent would take on a third.

Selling items of sentimental value has become a more popular option, with the number of those considering it doubling in five years to 20 per cent.

Nici Audhlam-Gardiner, head of Abbey Mortgages comments that it is “interesting” how so many first-time buyers are taking “such drastic measures”.

“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,” she said.

According to financial comparison site Moneysupermarket.com, the number of first-time buyers has decreased by 20 per cent since March.

© Adfero Ltd

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