Insurance News Archive

First-time buyers considering property investment overseas

"Ridiculous" house prices are causing many people to invest in bricks and mortar overseas, a property firm has suggested.

According to MRI Property Overseas, almost two-fifths of young people between the ages of 18 and 29 are considering moving abroad, having struggled to get onto the property ladder.

A survey carried out by the group found that some 3.8 million first-time buyers would consider buying a property abroad to offset costs.

Lucy Hill, spokesperson for MRI Overseas, said that a fifth of prospective homebuyers between the ages of 18 and 29 saw a property purchase overseas as a financial investment.

However, she also said that many were genuinely considering moving overseas to seek out cheaper properties.

29 Nov 2006