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First-time buyers turning backs on UK
Affordability problems in the UK are prompting many Britons to buy their first property abroad, according to new research.
A poll by Fair Investment Company revealed that 44 per cent of respondents were willing to consider looking overseas in order to get on the property ladder.
The study also found that eight per cent of people have already taken this course of action, which means that more than half have either looked or are looking outside Britain.
James Caldwell, director of the firm, commented: "First-time buyers are being driven to sunnier climes for a route onto the property ladder."
He outlined many of the benefits of buying a residence in another country, such as the chance to take advantage of cheaper property prices and a lower cost of living.
Mr Caldwell added that a shortage of available properties in the UK has pushed prices beyond the reach of many first-time buyers in recent years.
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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