British first-time buyers look to foreign markets
Many Britons are buying property abroad because they feel priced out of the domestic market, according to an expert.
Paul Collins, property editor at the BuyAssociation website, stated that house prices in the UK are now seen as being too high by many first-time buyers.
This has led to many seeking cheaper and more stable markets overseas where people can get on the housing ladder at a far lower cost.
Mr Collins said this could act as a precursor to ultimately buying a permanent residence at home.
He commented: "The cost of entry is lower so a lot of first-time buyers are looking overseas as a first step on the ladder before they buy somewhere in the UK."
Mr Collins added that people's limited funds tend to go a lot further in another country, as they can get more for their money and build up equity in their new home.
This comes after Fair Investment Company found that 44% of first-time buyers are thinking of buying abroad in order to save for a deposit for a British property, while 8% have already done so.
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