BuyAssociation: First-time buyers look abroad
First time buyers concerned by high house prices and tight loan lending conditions in the UK are looking overseas, BuyAssociation has claimed.
According to the advisors, Spain is a particularly popular choice for Britons - largely due to the perception that they are getting much more for their money there.
A recent report from property website Kyero found that ten per cent of the entire European property market - a part worth €16 billion - was made up of foreign buyers.
Paul Collins, property editor of BuyAssociation, said: "I do think people feel they are getting priced out of the UK. I think that people feel that there's a more stable market in certain foreign countries than there is in the UK at the moment.
"We are seeing more first-time buyers looking overseas now because they have a certain amount of money that they can get hold of and that’s not really buying them much in the UK at the moment."
Further evidence of the shrinking mortgage loans market in the UK came this week when both First Direct and the Co-op announced the suspension of part of their fixed rate loans range.
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