First-time buyers are ‘investing abroad’
It is becoming increasingly popular for first-time British buyers to make their first purchase abroad.
According to BuyAssociation, a property website that offers impartial overseas property advice, as it is becoming harder to get onto the UK property ladder first-time buyers are looking towards more lucrative markets, such as Brazil.
Paul Collins, property editor for BuyAssociation, said: "Prices [abroad] are lower and, in some countries…it’s a lot easier to actually get on the housing ladder.
"Some of the markets are growing quickly so you can make a good deal of equity fairly quickly in these markets and hopefully that will help [to buy] property higher up the ladder in the UK."
A study published by UK National Savings and Investments found that 84 per cent of 18 to 30-year-olds believe buying property abroad is a more viable option than buying in Britain.
Over the past five years, property prices in Brazil have increased by 20 per cent, and in 2006 they exceeded this in some areas of the north east.
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