First-time buyers 'face European threat'
12-May-2010
Published by Helen Adams
First-time buyers should be wary of the financial problems being experienced in Europe at the moment which, according to one expert, will lead many people to invest in British property.
Nigel Ellis, director at estate agent Prickett & Ellis, says foreign property buyers will "feel safe" in the UK compared with the unstable situation on the continent at present.
The problems with the euro follow a sudden collapse of the Greek economy, with some of the country's population already said to be interested in UK buildings.
Mr Ellis notes: "As we have seen, the Greeks are apparently coming over here to invest their money because it is safer than buying Greek properties, so I should think the rest of the world would agree."
This could be bad news for British
first-time buyers, who are likely to face increased competition for homes in the country.
According to the estate agent, supply of houses in the UK is already lower than it should be, which is starting to push up prices.
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