Spain property a more attractive option for first-time buyers priced out of UK market

Thursday, September 22, 2011

Spain property a more attractive option for first-time buyers priced out of UK market

9 out of 10 young people in the UK want to buy their own home, according to a YouGov survey, but 70% believe that it's harder to buy now than it was 20 years ago.

As a result first time buyer numbers have fallen from 600,000 annually a decade ago to around 200,000 last year. And with fewer new homes being built, nearly five million people are now on local authority waiting lists where homes are partially subsidised.

With these figures in mind, it could be a great time to invest abroad. A recent survey from Natwest International Personal Banking found that 83% of people who worked abroad felt that the experience gave a boost to their CV, and with rising tuition fees, many young Brits are also considering moving abroad for education. The good news is that there are plenty of bargains to be had in the overseas property market.

Property in Spain for example has fallen dramatically in price this year as a result of IVA, (a VAT equivalent) being slashed on all new build properties. In order to capitalise on this, many developers are offering significant discounts on properties or enticing buyers with 100% mortgages. The average price of a UK property is currently £221,110 which in London may only buy you a studio or one-bedroom flat. A brand-new four bedroom detached three-bedroom two-bathroom villa with a pool in Murcia can be yours for an average of £167,000.

If you're thinking of buying a property overseas, then visit A Place in the Sun Live which takes place at NEC Birmingham between the 30th September- 2nd October 2011.

Book your tickets to A Place in the Sun LiveTickets can be booked now for two for £15 and come with a free subscription to A Place in the Sun magazine.


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