First-time buyers looking at property investment abroad

One in four first-time buyers are looking invest their cash in overseas property rather than homes in the UK, according to new research.

A study commissioned by Moneycorp highlighted that vitality in the market has put 34 per cent of buyers off UK property, with many looking to countries with stronger economies, such as Australia, instead.

David Kerns, money-dealing manager at Moneycorp, told the Telegraph: "This is due in part to the high costs of UK housing, which has recovered over 12 per cent since the lows seen in 2008, making it far harder to get onto the UK property ladder."

Recent research from Standard Life found that older Brits are also looking at property investment overseas, with many people choosing to retire abroad.

In particular, Spain was a firm favourite with over 65s due to its warm climate, while France, the US, Canada and New Zealand were also selected as retirement hotspots.
 

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