UK first-time buyers look to overseas property markets

An increasing number of first-time buyers in the UK are being drawn to the overseas property market amid concerns of inflated prices for real estate in their home country.

New research, conducted by Moneycorp, has revealed that young buyers trying to take their first steps on the housing ladder are increasingly looking overseas for a more affordable alternative.

The firm found that the most popular destination for Brits was Australia, with its strong currency and growing economy encouraging property buyers to look for real estate down under.

"Despite turbulent economic times our report shows that a staggering one in four first-time buyers are still considering investing in overseas property at the moment," says, Moneycorp private client dealing manager, David Kerns.

"When looking to buy property overseas almost one third of first-time buyers consider currency to be of top priority. While the pound is currently rallying at a 19-month high, it has been a bumpy couple of years."

According to the latest Knight Frank property price index, Australia has enjoyed a 20 per cent price increase in the last year.

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