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Young UK renters plan to buy overseas

Monday, 5 March 2007 12:00 AM

A new group of young buyers are emerging who are planning to invest in overseas property while renting in the UK, a study out today reveals.

Almost three in ten (27 per cent) of prospective first-time buyers say they would consider buying overseas to get onto the first rung of the property ladder.

The figures also show the younger the buyer, the more likely they are to be put off buying in the UK.

More than eight in ten (84 per cent) of 18-24 year olds believe buying abroad is a more affordable option than buying in the UK, compared with 74 per cent across UK adults.

The findings have lead Hiscox, who commissioned the research, to label the emerging group of first-time buyers as barbies (buying abroad, renting in Britain).

"More young people than ever before are finding their route into the UK property market blocked and are turning to overseas property investment as a more affordable and potentially lucrative investment option," commented Steve Langan, UK managing director at Hiscox.

"In the 1980s, yuppies started to push UK property prices up and the signs are that twenty years later the barbies could do the same for property prices abroad."

The study finds almost half of the 37 per cent of under-35s who are worried about never owning their own property live in London and the East Midlands (21 and 24 per cent respectively).

Non-homeowners in south-east were the most likely to consider investing overseas, 38 per cent thinking of buying a home abroad.

Men were also more likely to consider buying and overseas home than women, 33 per cent considering this option compared with 22 of women.

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