With the UK housing ladder already pulled up out of reach, many first-time buyers are choosing to make their first house purchase abroad.
The trend has been noticed by the overseas mortgage specialist Conti Financial Services, which has found an increasing proportion of their business coming from first-time buyers.
Their ‘Quarterly Savings Survey’ found that a quarter of the first-time buyers questioned would consider moving abroad, many stating that it would allow them to save for a deposit to buy in Britain. The survey also found that the younger the buyer the more likely they are to consider moving abroad with over a third of 25-34s were willing to relocate.
But just how many would ever wish to return to the UK when they have bought in France and lived there for a number of years? If they continue to invest their money in France their equity will enable them to buy a larger house in a prime location.