As many as one in four young Britons are seriously considering moving abroad because the cost of housing.
Despite four in every five 18 to 35 year olds actively saving to put down a deposit within the next five years, at least a third claim they won’t be able to meet this target, according to the poll commissioned by home and contents insurer Urban Jungle.
As well as house price increases, the rising cost of living means that buyers are finding it harder to save for factors on top of a house deposit, such as a survey - only 27 per cent of young Britons say they save as much as they would like compared to before the pandemic.
The data showed that 84 per cent of 18 to 35 year olds who have managed to take the first step onto the property ladder have been surprised with hidden costs when moving house, with 30 per cent of respondents saying legal fees were the biggest shock of all.
Urban Jungle chief executive Jimmy Williams says: “We are all familiar with the Boomerang Generation, but the effects of the pandemic seem to have introduced a new trend - the ‘Catapult Kids’.
“Our research has revealed that half of 18 to35 year olds would relocate in order to put down a deposit, with a quarter saying they are thinking about moving abroad in order to achieve their dream.”
He adds: “A lot of young people have been disadvantaged since the pandemic began, and we need to ensure this generation is set up for the next chapter of their lives.”
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