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First Time Buyers Buying Abroad

The young professionals of this country are realising that it is becoming increasingly difficult to get on the property ladder in this country. Frustrated young professionals / first time buyers are looking abroad to earn their status as home owners.

With the increase in the number of countries joining the European Union over the last few years, property hotspots have been turning up all over the place. Including but not stopping at Bulgaria, Turkey and northern France. Some first time buyers are even looking as far as Canada.

Within these pockets of potential growth on the continent house prices are much more affordable and better value for money. A one or two bedroom apartment costs around £40,000 – £80,000 in Europe and a 3 bedroom, detached house in certain parts of Canada could set you back a mere £200,000.

The current average house price in the UK is estimated at just under £200,000, which is mainly due to the near extortionate prices of the London Borough of Kensington and Chelsea.

Everybody wants to get on the property ladder at some point. Hopefully for most, sooner rather than later. So with a low risk and a potentially high yield investment on the continent young professionals / first time buyers are snapping up the chance to get on the property ladder.

Most who choose this option are doing so to try and double their money within the first four or five years and then look to get on the property market back in the UK. However the cost of living in the UK is driving some people away. Not only are property prices abroad much cheaper than at home, the cost of living is significantly cheaper as well. Some of the most popular destinations are Spain, Australia, New Zealand and the North America.

So what is everyone doing with their property once they have bought it? Most are just buying to let, and continuing to rent in the UK. With the prospect of doubling your money within a few years it’s probably one of the best investments around at the moment. Having said that, the world economy is looking a bit shaky after recent drops in global share prices.