FTBs look overseas
Many first-time buyers (FTBs) from the UK are shunning the domestic market and looking overseas, it has been revealed.
According to the Sunday Mirror, a growing number of young people are opting to purchase a property abroad as they have been priced out of the market at home.
The publication stated that this group is increasingly being referred to in the property industry as BARBies - Buy Abroad and Rent in Britain.
FTBs are understood to be collecting the proceeds of rental yields and capital appreciation in order to fund a deposit on a UK property.
Commenting on this trend, the newspaper said: "Properties here are still too expensive for many first-time buyers despite recent price falls."
The Sunday Mirror added that in some foreign countries, houses cost a "fraction" of what buyers would have to pay in the UK.
This comes after Fair Investment Company found that 44% of FTBs are thinking of buying abroad in order to save for a deposit for a British property, while 8% have already done so.
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