First-time buyers look abroad

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04/04/08 | First-time buyers look abroad: A growing number of first-time buyers who cannot afford to purchase their own home in Britain are choosing to buy a property abroadPaul Collins of the...Read more
03/04/08 | Expats seek reduced living costs: Many Britons are purchasing houses in other countries in order to enjoy a cheaper cost of living, a newspaper has stated.The Sun said the impact of the...Read more
03/04/08 | Airport to trigger growth in Spain: The expansion of an airport in south-east Spain could be set to boost the property market in the region, a newspaper has suggested.According to the Telegraph,...Read more
02/04/08 | Spain still has investment opportunities: The slowdown in the Spanish market could create new investment opportunities, a newspaper has suggested.UK-based publication the Independent said that...Read more

FIRST-TIME BUYERS LOOK ABROAD

Friday, 04 Apr 2008

A growing number of first-time buyers who cannot afford to purchase their own home in Britain are choosing to buy a property abroad

Paul Collins of the BuyAssociation website said that house prices in the UK have risen to the point where many people cannot afford to get on the housing ladder.

However, many other countries have much cheaper property prices and are increasingly being seen as viable alternatives.

Mr Collins said that during the last four to five years, many first-time buyers have been investing in markets that had been seeing considerable growth, such as Spain.

This allows property owners to sell their house on for more than it was originally purchased for and use the returns to purchase a home in the UK.

Mr Collins commented: "They’re finding that it's better off going overseas and building up a little more equity and owning a property."

According to a study by Fair Investment Company, more than half of first-time buyers in the UK have either bought or considered buying a home overseas.

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