First time buyers priced out of the UK market 'are looking to overseas properties'
Young first time buyers are becoming increasingly interested in buying property overseas because they have been priced out of the UK property market, according to a new report.
High interest rates combined with a booming property market have made taking the first step on the housing ladder in the UK prohibitively expensive - and MoneyCorp, a foreign exchange specialist, recently revealed that as many as 46 per cent of first time buyers would consider buying abroad as a result.
The company said that this has changed the image of overseas property investment, which has traditionally been associated with older people and retirees.
Speaking to the Telegraph, Alex Lawson, a spokesman for MoneyCorp, remarked: "Buying overseas is not seen as an exclusive club any more, especially with the popularity of television programmes such as A Place in the Sun."
"As long as prices are so expensive in the UK - and wages are not rising at the same rate - buying abroad is really the next option," he added.
Recently, another foreign exchange specialist in HiFX issued a report showing that Spain is still the number one overseas property investment destination for Britons.
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