Renewed upward pressure on already high prices is now forcing first-time buyers to look for an investment opportunity abroad, where property is cheaper, a leading overseas mortgage broker reports.
Despite an overall rise in property sales reported for September, the number of first time buyers in the UK is now at its lowest level since records began in 1974, recent figures suggest.
The news comes as figures just released by The National Association of Estate Agents (NAEA) reveal that first-time buyers accounted for just 13% of sales during September, compared with a long-term average of 25%.
According to Simon Conn, Senior Partner at leading overseas mortgage brokers Conti Financial Services (CFS) business is booming in overseas property, with a sharp rise over the last two years of first-time buyers deciding to buy a property abroad.
"By comparison, properties are far cheaper to buy in Europe and with no foreseeable let-up in rising house prices in the UK, Spain, France and Portugal can offer first-time buyers an investment that they could otherwise have never afforded back home.’
The attraction of owning a holiday home in the sun or a buy-to-let investment that can one day be sold is attractive and becoming particularly popular with people in their mid-twenties, Mr Conn added but stressed: ‘As with all our clients, first time buyers receive guidance on where to seek professional specialist advice from solicitors dealing with the country in question to ensure their overseas property purchase is problem-free and that they comply with local laws and conditions."
