Firsttime buyers to avoid faltering British market-190708

Economic problems in the UK are prompting many Britons to consider investing overseas instead, it has emerged...

According to research by Moneycorp, three-quarters of first-time buyers are putting plans to get on the property ladder on hold, reports the Press Association.

However, 44 per cent said they were considering buying a foreign residence in a market which offers cheaper house prices.

Although they would carry on living in rented accommodation in the UK, this group could be able to benefit from capital gains further down the line.

Traditional European markets such as Spain were found to be particularly popular, along with France.

Commenting on the findings, Marc Morley-Freer of Moneycorp said: "The fact that so many buyers are prepared to get their first taste of homeownership in a foreign land speaks volumes for the state of today's domestic market conditions."

Meanwhile, Jet-to-Let magazine has stated that confidence in the British market is being "eroded" by factors such as rising inflation and falling house prices.

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