Buying abroad
entices first time buyers reveal Fairinvestment
Released
on: March 26, 2008, 4:13 am
Press
Release Author: Fair
Investment Company
Industry:
Real Estate
Press
Release Summary: Fairinvestment research reveals that more than
half of UK first time buyers are willing purchase abroad in order
to get onto the property ladder
Press
Release Body: Nearly half of Britons would be willing to move abroad
in order to get their foot on the property ladder, new research
from fairinvestment.co.uk has revealed.
Last
year, National Savings and Investment found that
25 per cent of the British people would consider buying abroad where
property
is cheaper and they could save for a deposit on a house back in
the UK, illustrating that the number of Brits willing to up sticks
and leave has almost doubled in just 10 months.
The
fairinvestment.co.uk
research has found that 44 per cent of those which responded to
the survey would consider buying their first property abroad, and
eight per cent have already done so, making a collective 52 per
cent of first time buyers which would relocate or already have,
compared to 47 per cent which said they would not consider it and
would still go for a first
time buyer mortgage in the UK.
"First
time buyers are being driven to sunnier climes for a route onto
the property ladder as a result of the credit crisis which has been
shaking the foundations of the UK property market." said
James Caldwell, director at Fairinvestment.co.uk.
"Overseas
they can sometimes find cheaper property prices and a lower cost
of living, which could make buying their first home more affordable
while they continue a high quality of life. This growth in the number
of people willing to move abroad is probably not a coincidence,
as debt levels are rising and there has been a shortage of property
in this country which has pushed prices up in recent years."
According
to a survey carried out by high street bank HSBC,
Britain is the third most expensive country to live in, preceded
by France and Norway, and money would go further in any other country.
The study investigated how far British wages would go if an individual
lived the same lifestyle abroad as they do at home in the UK, and
found that a year's salary would last for more than two years in
Peru, Egypt, Argentina and Costa Rica.
Last
year, the Council of Mortgage Lenders found that
in August, the height of the credit crisis, first time buyers were
borrowing up to 3.9 times their income and stretching themselves
thin in order to reach that first rung on the ladder.
"While
property prices in Britain have now slowed, people are still unsure
where the market is going, and some first time buyers seem reluctant
to invest here when the situation could change over the coming months
while the full effect of the credit crisis is felt." Mr
Caldwell concluded.
Fairinvestment.co.uk
offers a service for property
abroad which provides information on buying property in some
of what the NS& I survey found to be the most popular destinations
for first time buyers – Spain, America, and Eastern Europe
– in addition to a wide range of other countries. Potential
buyers can search by country, region, city, number of rooms, price
range, and type of property.
### Ends ###
About
Fair Investment
Fairinvestment.co.uk, is an independent online
finance portal, providing comparison tools, news, reviews and information
on a wide range of financial products and services, including insurance,
credit cards, mortgages, loans, savings and investments.
Fair
Investment Company is a leading internet player that sees
400,000 unique users per month, sells over £5 billion worth
of mortgage enquiries and is a Hitwise 100 Banks and Financial
Institutions site.
Web
Site: http://www.fairinvestment.co.uk/
Contact
Details: For further information, contact:
Rachel Mason
Editorial Manager
Fair Investment Company
Media Centre
20 The Mall
Clifton
Bristol
BS8 4DR
Tel: 0117 9335507
Fax: 0117 9335509
www.fairinvestment.co.uk
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