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First-time buyers 'prefer European market'

Article Date : Monday, March 19, 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 new generation of first-time buyers are buying properties in Europe as a consequence of rising house prices in the UK, according to a Sunday newspaper.

Overseas mortgage specialist Conti Financial Services told the Observer that there is growing trend for new buyers to shun the UK market and look overseas instead.

This has become particularly prevalent since several eastern European nations joined the EU in recent years.

Bulgaria, Turkey and northern France are the current property hotspots, said Conti.

"You can buy a one or two bedroom apartment for around £40,000 in Turkey or £60,000 in Bulgaria and you can still get houses for £60,000 to £80,000 in northern France," said Simon Conn, managing director of Conti.

According to BuyAssociation, it is highly likely that market activity in Bulgaria will outdo many of its European neighbours, mainly as a result of its accession to the EU.

"Bulgaria has had a huge amount of press and public interest in overseas property," the company stated.
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