First time buyers 'pushed out of UK'

22-Aug-2007

Rising property prices are increasingly meaning that many first-time buyers are moving overseas in order to buy their first home, RightmoveOverseas has said.

A study from the firm has found that the vast majority of 18-24 year olds (84 per cent) believe that buying abroad is more feasible than doing so in the UK.

Of the countries around the world, perennially popular destinations such as Spain and France are finding favour with the younger generation, with 43 per cent considering Spain to be the most attractive area.

But many buyers are not abandoning the UK altogether, the research reveals, but rather accruing returns on an overseas investment in order to build up savings while renting a property in the UK.

"British people have a great appetite for property in the UK, but it can be difficult to save for a deposit whilst still living here," commented RightmoveOverseas head Justin Figgins.

"Overseas property is generally much more affordable and it is often possible to get more for your money; especially for young singles for which buying a property can be particularly difficult as there is a sole income to rely on in getting a mortgage," Mr Figgins added.

Homeowners aged 25 and under owe around £8,000 more than those of a similar age who rent property, even without mortgages being taken into account, the Consumer Credit Counselling Service said this week.

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