First-time buyers heading abroad
Properties in Spain are tempting first-time buyers unable to get into the UK property market
Wednesday, 15, Nov 2006 12:43
Two-thirds of first-time buyers say their first home may be abroad, new research reveals.
First-time buyers struggling to get onto the UK's out of reach property ladder are planning to buy property in countries including Spain, France and Bulgaria in order to get into the property market.
Dubbed the 'jet-to-let' generation by Real Estate TV, who conducted the survey, the new research backs up recent findings that over half of homeowners aged between 18 and 29 would consider buying abroad.
"Buying abroad has never been such an attractive proposition for first-time buyers. With the average first-time buyer being in their 30s and deposits likely to be in the region of £33,000, compared to £5,000 a decade ago, buying abroad can be the only way to get on the property ladder," said Mark Dodd, managing director of Real Estate TV.
"In countries such as Bulgaria a studio apartment can be bought for half the cost of an average deposit, with a one bedroom apartment around £25,000."
The findings are released ahead of the Real Estate TV's live property event at the NEC in Birmingham on November 18th and 19th 2006, with exhibitors from countries including Spain, Turkey, Cyprus, Bulgaria, Portugal, Croatia and the USA.
The event will also have a number of seminars giving advice on everything from finance to interior design.
For more information see www.realestatetv.tv/retvlive