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SELL YOUR HOME QUICKLYUK 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.”
According to statistics published on financial comparison website, “Fairinvestment”, as many as half of the total amount of UK first-time buyers are looking to make their investments overseas. Furthermore, the website claims that the number of first-time buyers who are considering buying property overseas has doubled over the past ten months.
"First-time buyersare being driven to sunnier climes for a route onto the property ladder as a result of the credit crisis which has been shaking the foundations of the UK property market," explained “Fairinvestment’s” director, James Caldwell.