FTBs head abroad

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FTBS HEAD ABROAD

Friday, 24 Aug 2007

First-time buyers (FTBs) are increasingly considering purchasing a property abroad, as the UK market continues to grow despite already astronomic prices.

A new survey from National Savings and Investments reveals that around 84 per cent of Brits between the ages of 18 and 24 would consider buying an overseas property in Portugal, Spain or another foreign destination - as they consider this a more feasible action than buying in their home market.

"British people have a great appetite for property in the UK, but it can be difficult to save for a deposit whilst still living here," Justin Figgins, head of RightmoveOverseas, said.

"Overseas property is generally much more affordable and it is often possible to get more for your money; especially for young singles for which buying a property can be particularly difficult as there is a sole income to rely on in getting a mortgage."

The most popular destinations for young Brits looking abroad are Spain, France, Italy, Portugal and the US, the study showed.

Property Select offers a comprehensive selection of overseas property in Portugal, news, members club and reviews of the latest property developments.