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First-time buyers hope to invest abroad

Investing abroad is increasingly being seen as a viable means of getting on the British housing ladder, a new study has found.

According to currency exchange firm Moneycorp, 44 per cent of first-time buyers are thinking of purchasing a residence outside of the UK, the Associated Press reports.

This is because many feel that current conditions in the UK do not represent a good investment, while some foreign countries are either cheaper or experiencing growth.

Marc Morley-Freer, spokesperson for Moneycorp, said this says a lot about how consumers feel about the British housing market.

He commented: "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."

Spain was found to be particularly popular among this group of prospective buyers, along with France.

A recent survey of 18 to 30-year-olds by UK National Savings & Investments found that more than eight in ten believed buying abroad was a more viable option than buying in Britain.

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