First-time buyers 'are looking abroad'
Published On 25 March 2008
First-time buyers are increasingly considering opting for property in Spain and other countries outside the UK in a bid to get on the property ladder.Research from the Fair Investment Company found that 44 of first-time buyers were thinking about opting for a home outside of the UK - up from 25 per cent just ten months ago.
What's more, eight per cent of first-time buyers revealed that they had already purchased a property abroad.
"Overseas they can sometimes find cheaper property prices and a lower cost of living, which could make buying their first home more affordable while they continue a high quality of life," explained James Caldwell, the director at Fairinvestment.co.uk.
"First-time buyers are being driven to sunnier climes for a route onto the property ladder as a result of the credit crisis which has been shaking the foundations of the UK property market."
The study also showed that first-time buyers could be likely to opt for property in Spain as the southern European nation is one of the top destinations for people looking to buy abroad.
