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First-timers 'would buy abroad'
25 March 2008
The majority of first-time buyers would be willing to buy a home overseas if it meant they would get a foot on the property ladder, it has been revealed.
According to research by the Fair Investment Company, 52 per cent of those who are looking to purchase a property for the first time would consider heading abroad to do so.
The figures come as homeowners across the country struggle to keep up with mortgage repayments in the wake of the global credit crunch.
"First-time buyers are being driven to sunnier climes for a route onto the property ladder as a result of the credit crisis which has been shaking the foundations of the UK property market." said James Caldwell, director at Fairinvestment.co.uk.
"Overseas they can sometimes find cheaper property prices and a lower cost of living, which could make buying their first home more affordable while they continue a high quality of life."
He added that the growing number of young people considering relocating and getting a mortgage overseas was "probably not a coincidence, as debt levels are rising".
