High UK house prices add up to a third of first time buyers looking to purchase an overseas property .
MRI Overseas Property research highlights that 32% of those wishing to get on the property ladder are intending to head abroad to purchase their first home.
The UK property market’s constantly increasing prices are having a great impact on people’s attitudes regarding buying property in the UK.
Many young people are not able to climb onto the property ladder. So buying a property overseas is an attractive option. This is because it is a means of generating revenue or it is seen as an opportunity to have a different life experience.
18 to 29 year old Britons are under the greatest pressure, with 71% stating they are considering purchasing abroad. Furthermore, 39% state that they wish to buy a property overseas to climb onto the ladder.
Due to the high prices, many would be first time buyers are looking across the Channel for houses.
41% of Londoners are contemplating buying overseas, with 24% of Scots doing so.
It is of course vital to do your research. Find out about the country and find out what is right for your specific needs, the legal requirements as well as any additional cost implications.
It is not a lightweight decision so it is vital to research into it.
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High UK Prices Have First Time Buyers Looking Overseas Fri, 24 Nov 2006
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