FTBs forced to look elsewhere

First time buyers (FTBs) are being forced to consider going to great lengths in order to get onto the property ladder.

Research by Abbey Mortgages shows that 25 per cent of FTBs are willing to move to a different part of the UK in order to buy.

A further 16 per cent said that they would go one step further and move abroad in a bid to buy a property.

Affordability is so low in the UK that 39 per cent of respondents said that they are willing to work two jobs, while one in six would work three jobs to save up enough money.

"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," she added.

FTBs may be given a boost in December, with Assetz predicting that the base rate of interest will be cut before the end of the year.

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