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Overseas property attracts young

12th January 2006 | back to article listings BACK    print this article PRINT

The UK could be developing into a nation of property investors as a new report revealed that many young people are keen to own property abroad in the future.

According to a survey by UCB Home Loans, the specialist lender of Nationwide, there is an increasing interest among young people in the potential of buying a property abroad, as house prices in the UK show little sign of falling significantly in the months and years ahead.

Buying a property can be difficult for first time buyers in the UK at present, as house prices remain relatively high and property price inflation has begun to pick up again in recent months. However, the prospect of buying cheaply on the continent, in areas such as Spain or France, is an appealing option for many young people, as the revenues created by buying to let abroad can help finance the purchase of a home in the UK.

Over 30 per cent of young people in the UK would like to live abroad one day and see the opportunity to invest in a property while living in a foreign country as an excellent opportunity to get onto the property ladder. While many who want to live abroad would be keen on returning to these shores one day, the option of buying a property in a foreign country that they can then let out on their return to the UK means that there could be a massive increase in the number of property investors in Britain among the younger generation.

Keith Astill, managing director at UCB Home Loans, told "Whilst 92 per cent of the young people interviewed want to own their own home when they are older, it is likely that some of them will never actually make it."

However, while many may not make it onto the property ladder in the UK, by investing in overseas property there is far more opportunity for them to make a substantial income.

The study by UCB Home Loans also discovered that two in three youths in the UK expect to buy their first property between the ages of 25 and 30. Therefore, with many of these properties likely to be buy-to-let investments in the UK and overseas, the UK's property investment market looks set to continue to boom over the coming years.

Buy-to-let investments have proved extremely popular during the property price boom, as investors have recognised the prospect of making significant gains from houses, but as the market has cooled in the UK, the opportunities in emerging countries such as Cyprus and Bulgaria have continued to grow. With more young people than ever currently looking to buy property abroad, it appears that the demand for overseas property investment will continue to increase for some time to come.

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