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Britons 'generating wealth in foreign property markets'

Date of Article: 8th October 2007
Source:

Overseas properties are bought by Britons in an attempt to generate enough wealth to purchase in the UK, according to experts.

Advice website FirstRungNow.com stated that cheap properties in places such as eastern Europe were being snapped up by first-time buyers because they were more affordable than those in Britain.

The returns on these investments could then be used to help people afford a deposit and get on the UK housing ladder.

Helen Adams, managing director of FirstRungNow, stated that Turkey and the US were also popular destinations for first-time buyers, most of whom were purchasing for investment purposes rather than personal use.

She commented: "Typically, you won't be able to afford to buy somewhere expensive abroad.

"You might get enough growth out of it to help you with your deposit in the UK."

According to UK National Savings & Investments, 84 per cent of Britons aged between 18 and 30 believe buying property abroad is a more viable option than purchasing a house in the UK.




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