News

Younger people are increasingly seeking property abroad in order to purchase their first homes, according to research.

Data from Hiscox found that nearly 40 per cent of younger people would consider seeking overseas homes for their first step on the property ladder.

Nearly nine out of ten (88 per cent) of people said that high house prices and consequent low affordability in the UK, with more than a third (36 per cent) citing a complicated house market.

Steve Lanagan, UK managing director at Hiscox, commented: "More young people than ever before are finding their route into the UK property market blocked and are turning to overseas property investment as a more affordable and potentially lucrative investment option."

He added that Hiscox is currently insuring a number of properties overseas, with a strong rise in the number of foreign homes being bought.

The news comes as a survey from the Homebuyer Show states that the majority of first-time buyers are relying on higher than average wage salaries to purchase their property.