Going overseas for a first buy
According to foreign exchange and international money transfer specialist Moneycorp, prospects are poor for the British real estate market, as 25% of potential first-time buyers consider purchasing a property overseas. This conclusion was reached after having asked 2000 Brits in the process of buying a property for the first time.
This reluctance to buy properties in the UK can be explained by several reasons.
First of all, housing prices in the UK have risen again since the 2008 drop and have reached expensive heights, which is rather disheartening for a person wanting to start out on the property ladder.
When asked what the first thing to be taken into account during a property purchase was, 31% of first-time buyers consider currency to be the most important criteria. Unfortunately, the pound exchange has been very unstable lately, falling 17% in comparison to the euro and taking up again for 19 months in a row. These changes in value are an obstacle to a purchase, and even though the pound is getting stronger, buyers still think buying overseas the right decision to make.
According to Moneycorp, 86% of first-time buyers are convinced that they will get more for their money in countries with stable currency and a thriving economy, preferably in the hottest, sunniest regions of the globe. The main trend among British buyers is that they would rather buy overseas instead of struggling to get an expensive home in the UK.
The first destination for British real estate investments is Australia. According to Mr Wilson, head of the overseas property department at Rightmove.com, buyers see this country as a real alternative because of its homely image and the difficulty in getting an English mortgage. Then comes France, outranking Spain for the first time. Italy has fallen behind and so have the USA in the global popularity ranking.
For more information, visit the Moneycorp page on the Sextant website.
Tags: buying in France, currency exchange, exchange rates, first time buyers, house prices
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Wednesday, July 21st, 2010 at
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