MORE PEOPLE BUYING HOMES ABROAD - PROPERTY NETWORK SPAIN RSS NEWS FEED

A survey of 1,000 people aged between 18 and 29 found that half were turning to a foreign country to get their feet on the property ladder.

Most of these plan to let out their new home for part of the year, forming part of a growing group of so-called "jet-to-let" investors.

An average of £101,000 will be spent on a home overseas, compared with £160,000 needed to buy a first home in the UK , according to the research for Oceanico Developments.

The company's Simon Burgess said: "As property prices in the UK remain prohibitively high and the rental market approaches saturation, it's only natural that investors turn to foreign shores to make their pound travel further."

Spain is the most popular destination for Britons looking to buy abroad, followed closely by France , the US , Italy and Portugal .

A second survey covering more than 2,000 adults showed that Britons buying houses abroad wanted better weather or lower living costs.

Oceanico. which deals with property developments in Portugal , said it believed the trend to buy abroad would increase.
SOURCE skynews