FTBs 'buy abroad, rent at home'

News Category: Industry News

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First-time buyers (FTBs) are shelving plans to by UK property and setting their sights on the overseas market, according to new research.

A survey by currency exchange specialists Moneycorp shows that nearly three-quarters of new buyers are abandoning plans to buy at home. According to the report, 44 per cent are looking to buy abroad while continuing to rent in the UK.

Four out of five FTBs polled believe they will get better value for money buying abroad and many are treating the property as more than an investment.

Over half of those surveyed said they intend to treat their overseas property as a home, rather than as a capital investment to rent out.

Moneycorp spokesman Marc Morely-Freer said: "The fact that so many buyers are prepared to get their first taste of home ownership in a foreign land speaks volumes for the state of today’s domestic market conditions."

The credit crunch has seen British mortgage lenders impose greater restrictions on consumers, a third of people surveyed said that they had been refused a mortgage in the past six months.

The National Association of Estate Agents (NAEA) has called on the government to offer tax breaks and more pro-active initiatives to offer hope for prospective buyers.

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