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High house prices drive FTBs overseas

Article Date : Wednesday, March 26, 2008       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

High house prices and economic problems in the UK are leading to many first-time buyers (FTBs) looking abroad, a study has found.

Fair Investment Company revealed that nearly one in ten FTBs have already bought their first property overseas, while 44 per cent of thinking of doing so.

The firm highlighted a number of reasons for people choosing to look away from home, such as the impact of the credit crunch on the British housing market.

However, issues including the availability of property in the UK and the effect this has had on prices were flagged up as other factors behind this trend.

James Caldwell, director of Fair Investment Company, commented: "Overseas they can sometimes find cheaper property prices and a lower cost of living."

He added that this could make a first home more affordable, while still enabling people to enjoy a high quality of life.

According to Paul Collins of the BuyAssociation website, high-growth markets are proving to be very popular with this group because house prices are increasing at a fast pace.

This means that people can buy property while it is still relatively cheap and sell it on at a later date for a much higher amount.

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