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Brits looking overseas for cheap homes

Article Date : Thursday, March 08, 2007       Bookmark on Facebook   Bookmark on Del   Bookmark on Digg   Bookmark on Facebook   Bookmark on Reddit   Bookmark on Spurl   Bookmark on Furl   Bookmark on Yahoo   Bookmark on Magnolia   Bookmark on StumbleUpon   Bookmark on BlinkList

A quarter of young Britons are considering buying a property in countries such as Spain or New Zealand, a new poll has revealed.

According to a survey by National Savings and Investments (NS&I), 43 per cent of young people are contemplating buying a property in Spain, while 33 per cent are considering Australia or New Zealand.

Another 20 per cent are paying close attention to the market in eastern Europe, the study found.

"British people clearly have a great appetite for buying a property in this country but find it difficult to save for a deposit while living here," said Dax Harkins, senior savings strategist at NS&I.

"It seems many will go to extreme lengths to achieve their goal, even if it means moving to the other side of the world in order to save up for a deposit back home."

The research follows a study by insurer Hiscox that found soaring house prices in Britain have led to 40 per cent of 18 to 24-year-olds contemplating moving abroad as the only way to get onto the property ladder.
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