Buying a house in UK seems an unlikely reality for most potential
first-time buyers, according to a new survey.
Almost three-quarters (70%) of people who do not own property say they have
abandoned plans to buy here because of sky-high prices.
In addition, uncertainty in the housing market has led to a cautious mood,
causing a third of the first-time buyer population to say they were wary of
taking the plunge into property.
The gloomy economic climate could send people off to greener pastures, as
the housing market abroad seems a safer bet for returns on investment.
Around a quarter (24%) said they would consider buying a property overseas,
where they expected their money to go further.
The top choice outside the UK for first-time buyers who do not plan to
relocate was France, followed by Spain.
Australia was the most popular choice for people who did want to move
abroad, according to the survey of 2,000 people.
David Kerns, private client dealing manager at foreign exchange group
Moneycorp, which commissioned the survey, said: "Despite turbulent
economic times, our report shows that a staggering one in four first-time
buyers are still considering investing in overseas property at the moment due
in part to the high costs of UK housing."
