 Priced-out first-time buyers eye up property bargains abroad
Priced-out first-time buyers eye up property bargains abroad
More than three quarters of all first-time buyers in Northern Ireland say they would buy thier first property abroad if they are priced out here, it was revealed today.
Soaring Ulster house prices have pushed 79% of first-time buyers to look as far afield as Spain or Italy in a bid to get onto the property ladder, according to a survey by foreign exchange specialist, Moneycorp.
The findings also show that half of local first-time buyers would buy a property overseas purely as an investment, if they could not afford to buy a house here.
Spain is the first choice for cash-strapped first-timers, with Italy coming in at second place and France also high on buyers' wish lists.
More young buyers are also prepared to commute from overseas to get to work.
One in five (21%) cited commutability as a key factor in choosing a location.
A report from the Nationwide Building Society showed that the proportion of young people in the 20-24 age bracket buying their first home has seen quite a dramatic fall over the last ten years.
"The fact that so many first-timers are prepared to get their first taste of home ownership in a foreign land speaks volumes for the state of today's domestic market-buying conditions," said Moneycorp spokesman Nick Bull.
The study said rising prices and the popularity of overseas property TV programmes is encouraging young buyers to cast the net wider.
"People from Northern Ireland are also far less likely to be concerned about foreign currency issues, which could prove a costly error," warned Mr Bull.
"Overseas mortgages are becoming increasingly popular due to lower interest rates, particularly Europe," he added.
"By using a currency specialist, first time buyers can save money on their regular monthly repayments they will have to make to service an overseas mortgage," he added.
But buying abroad is not risk free with 71% of buyers admitting to being worried about the legal implications.
But Moneycorp's survey also found that more than one in five (21%) prospective first-time buyers from Northern Ireland have friends who have already taken the plunge. | 
