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UK first-time buyers 'looking at foreign property markets'

First-time buyers who cannot afford property in the UK are increasingly choosing to invest abroad to generate wealth, according to experts.

Advice website FirstRungNow.com stated that some first-time buyers were snapping up cheap properties abroad in order to get on the housing ladder.

However, the site said these people were not relocating to their overseas property and instead using it for investment purposes.

Those who had travelled and left home before were said to be more likely to consider moving abroad on a permanent basis.

Helen Adams, managing director of FirstRungNow.com, commented: "People are looking at places like Turkey, where they may have been on holiday. It's still quite cheap."

She added that eastern European countries were also proving to be popular with overseas property buyers, as the prices were still quite low.

According to a recent study by UK National Savings & Investments, 84 per cent of 18 to 30-year-olds believe buying property abroad is a more feasible option than purchasing in the UK.

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