UK first-time buyers ‘look abroad’
The UK’s first-time buyers are purchasing foreign real estate in order to avoid the struggling domestic housing market, one commentator has said.
Personal finance reporter Kate Holmes wrote in the Independent that those looking to step onto the property ladder for the first time should look abroad in order to sidestep the UK’s property crisis.
She added that would-be investors are more "adventurous than their holiday home-buying predecessors" as they head further afield.
Investment website Fairinvestment told the publication that those expatriating could find "cheaper property prices and a lower cost of living" abroad which makes their first home more affordable.
"First-time buyers are 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," added the website’s director James Caldwell.
Meanwhile it was reported last month that an increasing number of British investors have been buying property in Brazil.
Columnist Susan Emmett wrote in the Times that wealthy investors seeking "safer havens for their capital" are looking to Latin America.
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