First-time buyers seek opportunities abroad

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by Kay Murchie

According to research from Pacific Concord Properties Inc., unaffordable UK house prices means that first-time buyers are looking further a field as house prices are significantly lower in the overseas market.

84% of 18 to 30 year olds believe that investing in property overseas instead of the UK is much more feasible according to a recent study by National Savings and Investments. In addition, Barclays Bank has revealed that the number of Britons wanting to purchase property abroad has doubled in the 12 months to 18,000.

A spokesperson for Pacific Concord Properties Inc said that their research has established that a growing number of Britons who want to buy abroad are showing interest in the Philippines, rather than the ever-traditional Spain. The company added that since the Dollar decreased in value and UK Pound Sterling hit 96:1 on the Philippine Peso, they have been inundated with buyers from the UK interested in purchasing property there.

Furthermore, a survey carried out by UCB Home Loans has revealed that over 30% of all first time buyers plan to make their very first property purchase abroad. UCB interviewed 1000 16-21 year olds to establish their feelings about home ownership and living in the UK. The survey discovered that first-time buyers in the UK are still struggling to get onto the property ladder in spite of a slowdown in property price increases of late.