First-time buyers look abroad
Britons who cannot afford to get on the housing ladder at home are increasingly considering buying abroad, according to experts.
Fair Investment said that since property tends to be much cheaper overseas than in the UK, it is becoming popular with cash-strapped first-time buyers.
The organisation stated that 44% are thinking of buying abroad in order to save for a deposit for a British property, while 8% have already done so.
Commenting on the findings, Fair Investment director James Caldwell said the impact of the credit crunch was also influencing this trend.
He remarked: "The credit crisis has been shaking the foundations of the UK property market."
Mr Caldwell added that buying abroad could also enable people to save money as their location of choice may have a lower cost of living.
This, he stated, could make buying a first home more affordable without forcing people to compromise on their living standards.
UK National Savings & Investments recently revealed that 84% of people aged between 18 and 30 believe buying property abroad is a more feasible option than purchasing in Britain.
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