Professionals choosing to rent here and buy abroad

25 2008
The number of people choosing to rent in the UK and put their savings into buying a property overseas continues to rise, a new report has revealed.

According to research carried out by Moneycorp, it is young professionals, who would otherwise be attempting to make the step onto the property ladder at home, who are driving this trend, largely as they see renting as the best option given the current economic circumstances.

And, while UK homes remain out of the reach of many, in spite of recent price reversals, property in other countries is relatively affordable, giving people the option of owing a place of their own.

"The fact that so many buyers are prepared to get their first taste of home ownership in a foreign land speaks volumes for the state of today's domestic market conditions," explained the company's spokesman, Marc Morley-Freer.

Property observers also believe that the growth in the number of 'Barbies' (Buying Abroad, Renting in Britain) is also being fuelled by lenders taking mortgage products aimed at first-time buyers, such as 100 per cent loans, off the market so as to shield themselves from the difficulties being seen in the global credit markets.
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