First Time Buyers look Overseas for Property Investment
United Kingdom(prwindow)-
May 23 2008 -First time buyers don't have an easy time of it, and now with mortgage rates soaring, things aren't looking up and so they are leaning towards buying abroad as a way of funding UK property investment.
Many UK first-time buyers are looking abroad for property investment as a way of funding purchases at home.
The UK’s domestic market has been slowly pricing first-time buyers out of the game for a number of years. Now a growing number of FTBs are being forced to look aboard and investing in a property there to help them fund getting on the ladder at home.
Once a sign of affluence, investing in a property abroad, is now a sign of financial struggle for some first time buyers.
According to several publications, including the Sunday Mirror, a growing number of young people are opting to purchase properties abroad as property investment, in order to build a deposit for eventually buying here. The group have been named BARBies, which refers to the Buy Abroad and Rent in Britain trend.
By collecting the proceeds of yearly rental yields and capital appreciation, first-time buyers are seeing the merit in property investment overseas.
Although property prices seem to be slowly coming down, the credit crunch has meant a steep rise in mortgage rates, making it still impossible for first-time buyers to invest in property. Buying off plan overseas is now a viable option for the first time buyer.
With houses aboard costing far less than properties in the UK it is certainly an invest opportunity for someone looking to buy in the UK in the next year or so.
Figures today state that 44% of FTBs are thinking of buying abroad while 8% have already done so.
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