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First-time buyers 'generating money overseas'

Article Date : Thursday, September 06, 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

Many young people who cannot afford to buy property in the UK are choosing to invest overseas, according to one company.

Pacific Concord Properties highlighted a growing trend of people opting to spend the money they had on rental accommodation abroad.

The firm said that young people were collecting the income generated by tenants and using it to pay for a property in the UK at a later date.

Beth Collingz, spokesperson for the firm, added that many were also using the overseas market to generate wealth to boost their retirement fund.

She stated that some wanted an alternative means of earning money for retirement instead of a private or company pension scheme.

Ms Collingz added: "Savvy investors are now looking for a more solid investment with potential for monthly income."

According to Foreign Currency Direct, 23 per cent of people in Britain are currently considering buying a property abroad.
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