First-time buyers 'want to invest abroad'
Many young people who cannot afford to buy a house in Britain are looking at purchasing cheaper properties abroad.
RightmoveOverseas said that 18 to 25-year-olds who were priced out of the UK market were increasingly considering buying an overseas property solely as an investment.
The firm stated that young people would continue to live in rented accommodation in Britain while saving the returns on their investment.
This money could then be used to fund a purchase of a property in the UK.
Justin Figgins, head of RightmoveOverseas, commented: "The strategy is to help them as first-time buyers by reaping significant returns on small deposits and in a short period of time overseas."
According to a survey by the firm, 84 per cent of 18 to 25-year-olds believed that buying abroad would be easier than purchasing a property in Britain.
Investing in foreign property is also proving to be highly popular among older people.
Financial services provider Saga recently stated that factors such as improved long haul air travel had prompted many to emigrate further afield.
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