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First-time buyers 'looking overseas'

2nd July 2010 | back to article listings BACK    print this article PRINT

Many UK first-time buyers have all but given up on being able to get on the housing ladder and are considering an investment in bricks and mortar instead.

Such a conclusion has emerged from research by foreign exchange firm Moneycorp, which found that 70 per cent of Britons who are not property owners in the UK have given up their ambitions of owning a British home due to high house prices.

However, many people would consider alternative investments, with 24 per cent saying they would contemplate an investment overseas, where the prices of homes are less.

France is the most popular destination for would-be overseas buyers, with Spain in second place and Australia third.

Private client dealing manager at Moneycorp David Kerns said the level of potential overseas buying was "staggering".

A month ago, Property Abroad magazine predicted that France will re-emerge as a strong market for Britons in the next few years.

It said that after the credit crunch people will look to traditional markets, but noted that the French economy and public finances are in a much better state than those of Spain and Italy.

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