UK first-time property buyers look abroad

An increasing number of cash-strapped, first-time UK property buyers are heading overseas to enter the market in the wake of the credit crunch, reports The Independent.

This comes as result of an increasingly difficult mortgage lending environment in the UK, which is characterised by unyielding interest rates, large deposits and banks’ recent emphasis on “customer profiling.”

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He elaborated by saying, "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 buy 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.”

The fact that first-time buyers are finding it difficult to purchase property in the UK also has serious consequences for homeowners who are trying to sell their homes – property prices are dropping to all-time lows and no buyers are coming forward. Wondering how to sell fast? MPG Investments will buy your home in just one week.