Prospective homeowners looking abroad
Echoing a similar report from the Fair Investment company, one leading industry website has said that prospective homeowners are looking abroad to get on the property ladder.
While the Fair Investment report had suggested that 44 per cent of first-time borrowers (FTBs) are currently looking overseas to gain some equity and capital appreciation, FirstrungNow.com said the move remains "one of the less popular options".
However, despite the difficulties and potential pitfalls associated with obtaining a mortgage in a foreign country, FirstRungNow managing director Helen Adams confirmed that it is still being considered by a number of FTBs.
She noted the potential benefits of bypassing the expensive UK market and investing in bricks and mortar abroad, insisting "the gains can be greater".
"There are countries out there where property [prices] are growing quite considerably," Ms Adams declared. "This means you can increase a small deposit to a larger one a lot more easily."
UK property prices have risen by 227 per cent over the past decade.
Published 10th April, 2008
© 2008 Estates IT Limited
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