Britons seek property abroad

Foreign Property

New research has shown that one in four first time buyers are shunning the UK market in favour of purchasing property abroad.

Money managing firm Moneycorp conducted the study and they found that the erratic UK property market has led to 34 percent of first time buyers considering an overseas option, with a further 24 percent thinking of going the whole hog and moving abroad completely.

Moneycorp spokesman David Kerns said: “Despite turbulent economic times our report shows that a staggering one in four first-time buyers are considering investing in overseas property at the moment. This is due in part to the high costs of UK housing, which has recovered over 12 percent since the lows seen in 2008, making it far harder to get onto the UK property ladder.”

The property market is not the only thing thought to be driving people away from the UK. The general economy and the Government’s debt is making people think their money could go further elsewhere. Of the 2000 people questioned, a massive 86 percent said they imagined their money would last longer in another country.

John Goldie, also of Moneycorp, added: “We’ve seen an interesting switch of focus from Europe to Australia, largely because it has weathered the economic storm much better than other countries. It has a stable currency, as well as other advantages like good climate.”

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