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First-time buyers look to overseas property

Friday, 24 November 2006 12:00 AM

Four out of ten young first-time buyers would consider buying an overseas property to get a foot on to the property ladder, new research shows.

Around half of these buyers said they would go for an overseas property as a financial investment, rather than a holiday home.

Across all age groups 32 per cent of Brits would consider buying an overseas home to get into the property market, with this figure rising to 41 per cent for first-time buyers in London, and down to 24 per cent in Scotland.

"The UK property market's ever-increasing prices are now having a serious impact on people's attitudes towards buying property in Britain," said Darragh MacAnthony, group chairman of MRI Overseas Property, who conducted the survey.

"With so many young people unable to get onto the property ladder, buying a property abroad can seem an attractive option, either as a means of generating a financial return or to experience living abroad at a time in their lives when they have less ties to home."

Mr MacAnthony advised buyers planning to invest in a home abroad to make sure they know which country and region suits their needs best, what the legal requirements are and what the additional cost implications add up to.

"Making the right decision is critical whether you are looking in Spain or Brazil. Buying a property in any location is a decision that should not be entered into lightly as it's a big responsibility, especially for first-time buyers," he concluded.

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