Many First-Time-Buyers now Looking Abroad

A growing number of young people are planning to invest in property abroad, due to rocketing house prices in Britain, according to a new report. A survey of 1,000 people aged between 18 and 29 revealed, that nearly half were contemplating buying their first property abroad as a means of getting on the property ladder.

Research from Oceanico Developments reveals that a house abroad costs an average of £101,000 compared with the average cost of £160,000 in Britain.

Simon Burgess, Oceanico Developments director, said: "With lower property prices, healthy capital appreciation rates and strong lettings markets, it's no wonder 'jet-to-let' is emerging as the new property investment trend. Not only are you buying a place in the sun but, by letting it out, investors are also generating income."