Spain attracting many first-time buyers

Many of those struggling to get themselves onto the UK's property ladder are now looking to Spain to make their first purchase, it has been claimed.

According to Paul Collins, property editor of BuyAssociation, first-time buyers are now looking overseas because they are getting "priced out of the UK".

In addition, he asserted that people viewed the Spanish property market as being more stable than that of the UK.

Mr Collins commented: "I do think people feel they are getting priced out of the UK. I think that people feel that there's a more stable market in certain foreign countries than there is in the UK at the moment.

"Also the cost of entry is lower so a lot of first-time buyers are looking overseas as a first step on the ladder before they buy somewhere in the UK."

He added that buyers could get more for their money by purchasing a property overseas.

Overseas Property News posted on 04/04/2008 09:18:22