Over half of first-time buyers 'looking abroad'

25-Mar-2008

More than half of first-time buyers would consider buying a home abroad in order to get on the property ladder, according to new research.

A new study by First Investment Company has revealed that some 44 per cent of respondents would consider buying a first property abroad, with eight per cent stating they have already done so.

The collective figure represents 52 per cent of people who would relocate to buy a house, with 47 per cent saying they would still prefer to choose a first-time buyer mortgage in the UK.

Commenting on the issue, James Caldwell, director at Fair Investment, said: "First-time buyers are being driven to sunnier climes for a route onto the property ladder as a result of the credit crisis which has been shaking the foundations of the UK property market."

He added that first-time buyers willing to move overseas can potentially benefit from cheaper property prices and a lower cost of living.

Last year, the Council of Mortgage Lenders revealed that in August first-time buyers were borrowing up to 3.9 times their income.

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