Brits look to overseas property

Monday, 12 March 2007 12:00

One young Briton in four is looking to buy an overseas property in an effort to break into the housing market at home.

That is according to a new survey by National Savings and Investments (NS&I), which shows first-time buyers are looking as far away as Australia or New Zealand to help them save for a deposit on a UK property.

When asked where they would invest if they were buying an overseas property, Spain (43 per cent), Australia or New Zealand (33 per cent) and the USA (22 per cent) are the top choices.

One first-time buyer in five (20 per cent) is looking to exploit the growth potential of buying a property in eastern Europe.

"British people clearly have a great appetite for buying a property in this country but find it difficult to save for a deposit while living here," said Dax Harkins, senior savings strategist at NS&I.

"It seems many will go to extreme lengths to achieve their goal, even if it means moving to the other side of the world in order to save up for a deposit back home."

While one first-time buyer in four (25 per cent) is willing to move abroad, this rises to more than a third (36 per cent) of 25 to 34-year-olds.

And more people are willing to move abroad than to a new area of Britain.

Some 24 per cent of prospective first-time buyers would be happy to move to a cheaper part of this country to get on the property ladder, with the young once again more likely to move than the older residents.

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