UK house prices are encouraging first time buyers to look to other countries to buy their first home, according to new research from Pacific Concord Properties Inc.
Buying property in the UK market has become increasingly difficult for first time buyers, but they have seen an opportunity to get on the ladder by going further afield; house prices are considerably lower in the overseas market.
According to a recent study by National Savings and Investments, 84 per cent of 18 to 30 year olds believe that investing in property abroad instead of the UK is much more viable, and Barclays Bank has revealed that the number of Brits wanting to buy abroad has doubled in the last year to 18,000.
Beth Collingz, PLC International Marketing Director for Pacific Concord Properties Inc's Lancaster Brand of Apart-Hotels or Condotels in the Philippines, has found that an increasing number of Brits who want to buy abroad are passing over the ever-popular Spanish properties in favour of the market in the Phillipines.
Ms. Collingz said: “Since the Dollar value depreciated and UK Pound Sterling hit 96:1 on the Philippine Peso, my phone has been very busy with buyers from the UK interested in purchasing investment properties and holiday homes here in the Philippines.”
There are other advantages besides prices and weather, she continued, as “Offshore Property Investors, Foreign baby boomers as well as overseas Filipinos, are looking for ways to maximize their return on investments as they approach retirement, and so are purchasing second homes, particularly Condotel Investments where they can use the Condo for vacations and rent it out through In-House Management when not using the unit.”
“These international buyers know it’s a buyer’s market in the Philippines right now - there are a lot of properties available and fewer local buyers,” Collingz said. “Investing in foreign real estate is neither as risky nor as tricky as a lot of people would have you believe. While land and housing prices in the U.K. have soared astronomically in the past decade, the world real estate market is a far different story. It’s still possible to buy a preconstruction Condotel suite at Lancaster – The Atrium located in Metro Manila, Philippines, for less than GBP £25,000.00”.
Additionally, when other factors such as increased property wealth, a rise in Self Invested Pension Plans, the leisure lifestyle aspirations of Britons, the annual appreciation of property and tax incentives are taken into account, it becomes clear why so many are eager to invest abroad.
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