Most property buyers 'would look abroad to purchase'

Buying property abroad is a likely option for an increasing number of people looking to get on the housing ladder, it has been reported.

According to statistics from National Savings and Investment cited by Fair Investment Company, 52 per cent of first-time buyers would either head overseas to pick up a property or already have.

James Caldwell, director at Fair Investment Company, stated that sunnier weather and economic conditions in the UK are partial factors in such activity.

"First-time buyers are being driven to sunnier climes for a route onto the property ladder as a result of the credit crisis, which has been shaking the foundations of the UK property market," said the official.

This comes as research from Rightmove has suggested that property prices in the UK will drop by half over the next 50 per cent if steps are not taken to keep them steady.

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