Young Brits snap up foreign property

First-time buyers in Britain are increasingly looking to snap up affordable houses overseas, it has been revealed.

According to the Sunday Mirror, those who feel they cannot afford to buy a property in the UK are using foreign investments to generate money for a deposit.

Emerging destinations with relatively low house prices were said to be very popular among this group, particularly if they offer a strong rental market as well.

Many were also said be drawn towards fast-growing property markets, as investors who could potentially sell their house on at far more than the initial asking price.

Commenting on the trend, the Sunday Mirror said recent house price falls in the UK have not significantly improved affordability for first-time buyers.

The newspaper remarked: "Properties here are still too expensive - first-timers are buying overseas for a fraction of what they would pay in Britain."

According to the BuyAssociation website, eastern European countries such as Bulgaria are especially popular among this group.

However, the portal said that investors who sell a property on at a profit need to check if their chosen location has a strong resale market.