Insurance News Archive

Young Britons looking abroad for property investment

Frustrations with the state of the UK property market are leading young Britons to look overseas, a new study has suggested.

Some 84 per cent of British people aged between 18 and 25 told RightMoveOverseas they believed it was easier to buy abroad than in the UK.

However, this does not mean they have given up on owning property in the UK completely as the firm claims young buyers are renting in Britain while using returns on their foreign investment to fund an eventual purchase.

"BARBies [people Buying Abroad and Renting in Britain] are a growing phenomenon," said Justin Figgins, head of RightmoveOverseas.

"The strategy is to help them as first-time buyers [reap] significant returns on small deposits in a short period of time overseas...then use their returns to buy at home in the UK.

"As with buying in the UK, first time buyers should do their research, assess markets for capital growth and rental market and obtain a good solicitor," Mr Figgins added.

23 Aug 2007