First-time buyers look abroad

First-time buyers (FTBs) from the UK are increasingly considering investing abroad, an expert has revealed.

Nick Fullerton, managing director of FC Exchange, stated that the housing market in Britain is currently in a state of "turmoil".

This, he said, has led to people who are looking to get on the housing ladder for the first time looking elsewhere.

Mr Fullerton said FTBs do not wish to take a hit in the domestic market and believe that investing abroad offers better growth potential and value for money.

He added that other buyers in the UK are concerned about the plummeting house prices in Britain and would prefer to invest in expanding markets overseas.

As a result, FC Exchange has seen a surge in the amount of enquiries related to purchasing a house abroad.

Mr Fullerton said: "These record figures are encouraging and demonstrate the continuing appetite to invest in overseas property."

According to research by A Place in the Sun magazine, France and Spain are currently the two most popular markets with British property buyers.