Young buyers look overseas

Posted: 06 Mar 2007 10:04:54 GMT

Young buyers priced out of the UK housing market are beginning to consider overseas property speculation as a way to reach the first rung of the ladder

Young buyers priced out of the UK housing market are beginning to consider overseas property speculation as a way to reach the first rung of the ladder.

Almost a third of would-be buyers say that they would consider buying abroad to take advantage of lower prices and expectations of capital growth, said the Hiscox survey.

The younger the buyer the more likely they were to be put off buying in the UK, and the more likely to be open to proposals that would have seemed outlandish to their parents.

"In the 1980s, yuppies started to push UK property prices up and the signs are that twenty years later young people could do the same for property prices abroad," said Steve Langan of Hiscox.

"More young people than ever before are finding their route into the UK property market blocked and are turning to overseas property investment as a more affordable and potentially lucrative investment option."

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