First-time buyers in London 'look abroad'
Londoners trying to get on the property ladder are increasingly looking to invest in emerging markets overseas while renting property in the capital, it has been suggested.
Rampant house price inflation has priced many out of the UK property market, but with many London-based tenants still keen to secure a mortgage in the long-term one industry expert has said overseas solutions offer a potential solution.
Paul Collins, property editor for overseas investment website BuyAssociation.co.uk, noted that places such as Cape Verde, Turkey and Bulgaria are regarded by many tenants as ideal long-term investment opportunities.
He emphasised, however, that the vast majority of such investors have no intention of moving abroad - so it is absolutely essential that an "exit strategy" be put in place to ensure liquidity of bricks and mortar assets.
"It's all very well having a capital gain that's there in theory," Mr Collins began. "But unless you can sell the property on it's impossible to realise."
A recent survey by National Savings & Investments found that four out of five 18 to 30-year-olds believe investing in property abroad is more viable than it is in the UK.
Published 19th February, 2008
© 2008 Estates IT Limited
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Londoners trying to get on the property ladder are increasingly looking to invest in emerging markets overseas while renting property in the capital, it has been suggested.