FIRST-TIME BUYERS CONSIDER FOREIGN INVESTMENT
Wednesday, 26 Mar 2008
Investing in foreign property is becoming an increasingly popular option for cash-strapped first-time buyers (FTBs) in Britain.
According to a study by Fair Investment Company, more than half of FTBs in the UK have either bought or considered buying a home overseas.
The firm stated that many are choosing to look abroad because of the current slowdown in the British property market.
James Caldwell, director of Fair Investment Company, said this has made some FTBs reluctant to invest at home while the impact of slowdown is still being felt.
Furthermore, he cited the high price of property in the UK as another factor that is driving people overseas.
Mr Caldwell commented: "They can sometimes find cheaper property prices and a lower cost of living, which could make buying their first home more affordable."
He added that some countries offered both bargain properties and a comparable standard of living.
First-time buyers were recently advised by BuyAssociation to make sure they have an exit strategy if they wish to sell their property on at a profit.
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