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Over half of first time buyers would buy abroad

Eight per cent of British people bought their first homes abroad and 44 per cent may follow them, research has revealed.

The survey, by finance website Fairinvestment.com, showed that house buyers took these measures in an attempt to get on to the British housing market. Some respondents planned on building up a deposit for a house in Britain while living abroad.

James Caldwell, director at Fairinvestment.co.uk, said: "First time buyers are being driven to sunnier climes for a route on to the property ladder as a result of the credit crisis which has been shaking the foundation of the UK property market."

Mr Caldwell blames the level of debt and lack of housing for encouraging people to move abroad. Some 47 per cent of first time buyers still choose Britain as the location of their first home.

Figures from the Institute of Public Policy Research revealed last year that approximately 200,000 Britons emigrated and Australia was the most popular destination.

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