property


More Brits consider moving abroad to make home ownership dream reality

by Ray Clancy on October 28, 2014

People become expats for lots of reasons including work and a better lifestyle, but now it seems that the cost of property in the UK is emerging as a new reason for moving abroad.

New research has found that a fifth of disillusioned house hunters would consider leaving the UK — and the United States tops the list of potential destinations, followed by Australia and New Zealand.

Very few lenders offer mortgages to expats returning to the UK

More than a fifth of UK house hunters would consider leaving the UK if it meant owning a home

With the latest figures showing that UK population growth has exceeded the number of new dwellings by more than double, new research from GoCompare.com Mortgages has revealed people’s frustrations with the UK’s dysfunctional property market, and the lengths that some are considering going to just to have a home to call their own.

While almost a third, 30%, would take the sensible step of applying for assistance from the government’s ‘Help to Buy’ scheme, many would be willing to resort to far more desperate measures.

The survey of UK adults looking to buy a home found that 20% would consider moving to another country. Some 31% would move to the US, 29% to Australia and 20% to New Zealand.

Perhaps surprisingly, the Scandinavian countries, so often held up as leading lights for happiness, education and general standards of living, received just 9% of the vote.

Men (22%), were more likely than women (18%) to consider a move overseas in pursuit of property; while of those aged between 18 and 24-years old, some 23% indicated that they were most keen to leave the UK, followed by 21% of 35 to 44-year olds and 19% of over 55s.

‘A lack of affordable housing has resulted in a property market that is closed off to an increasing number of would-be home owners. As such, it’s hardly surprising that many people feel like they may have to take some rather drastic steps to own a home,’ said Matt Sanders, spokesperson for Gocompare.com Mortgages.

‘While shared ownership, settling for small or alternative forms of accommodation, and even getting on a plane to another country are being mulled over as options for many, it’s also encouraging to see from our research that people are actively considering making use of the Help to Buy scheme. The majority of people who have applied to the scheme so far are first time buyers, but it’s open to all borrowers,’ he explained.

‘If you’re actively looking to buy a home, it’s well worth seeking advice from a qualified, impartial mortgage broker, who can give you an idea of what you can afford and the options available to you,’ he added.

{ 0 comments }

Thumbnail image for British expats get landmark ruling on illegal property cases in Spain

British expats get landmark ruling on illegal property cases in Spain

October 7, 2014 property

British expats who bought homes in Spain and found themselves in the middle of an illegal home scam are closer to being able to own their properties legally. In a landmark case, a judge in Almeria has awarded €135,000 damages to three British families who bought illegal homes a decade ago in Albox, which might [...]

Read the full article →
Thumbnail image for Expats buying more affordable property in the UK

Expats buying more affordable property in the UK

September 4, 2014 Britain

British expats are increasingly buying property in the UK, but they aren’t splashing out, with the most popular investments in the £55,000 to £70,000 range, research has found. According to Find UK Property, a company that specialises in finding properties for overseas investors, sales to British expats have increased by 60% in the first half [...]

Read the full article →
Thumbnail image for Expats in Dubai struggling to buy property due to mortgage caps

Expats in Dubai struggling to buy property due to mortgage caps

August 22, 2014 Dubai

Developers in Dubai should consider reintroducing rent-to-own schemes as expats are struggling to afford to buy a property in the emirate, it is claimed. Such schemes were popular during the early 2000s when Dubai was establishing its own property marketplace. They helped those struggling to afford to buy amid stricter regulations designed to cool rising [...]

Read the full article →
Thumbnail image for New range of mortgages for UK expats wanting buy/let opportunities

New range of mortgages for UK expats wanting buy/let opportunities

July 18, 2014 property

A new range of mortgages aimed at British expats who want to buy and let a property in parts of the UK has been launched. Skipton International is offering a maximum loan to a value of 75% on residential properties for buy-to-let, but the property must be purchased in England and Wales. Applicants will need [...]

Read the full article →
Thumbnail image for New law will allow expats to buy property in Kuwait, but restrictions apply

New law will allow expats to buy property in Kuwait, but restrictions apply

January 8, 2010 property

A new law allowing all expatriates to purchase real estate property in Kuwait for the first time is unlikely to be linked to residency, it is claimed. Changes to law number 74/1979, will mean that expatriates, regardless of nationality can buy one apartment as long as it is not larger than 350 square meters. Currently only Arabs with [...]

Read the full article →
Thumbnail image for Buying property in  Australia

Buying property in Australia

October 4, 2009 property

Australia is one of those unique countries whereby the vast majority of the population is housed in a relatively small part of the vast landscape of the country.  This has therefore led to various short-term swings in property prices, linked very closely to an economy that is dependent on commodity prices. Historically in Australia, the [...]

Read the full article →
Thumbnail image for Buying property in  France

Buying property in France

October 4, 2009 property

Historically, France has been a very popular location for second homes / holiday homes, with well over 70 million tourists a year.  While the majority of overseas or foreign national buyers purchasing property from France have been Expats from the UK , interest from other areas of Europe is starting to pick up.  The country itself [...]

Read the full article →
Thumbnail image for Buying property in Canada

Buying property in Canada

October 4, 2009 property

The Canadian property market is very different to your stereotypical European market, although on further investigation it seems to be a lot simpler.  Generally houses are more spacious with basements the norm – which can often double the floor space of your property.  Not generally seen as a first port of call for relocating your [...]

Read the full article →
Thumbnail image for Buying property in Portugal

Buying property in Portugal

October 4, 2009 property

There are few countries in Europe that have benefited as much as Portugal from the worldwide property boom.  The country has always been very popular with tourists, and very often seems to be a consideration for retired couples looking to relocate overseas.  This has resulted in not only substantial interest in the local property sector, [...]

Read the full article →
Thumbnail image for Buying property in Spain

Buying property in Spain

October 4, 2009 property

The last few years have seen the Spanish property market experiencing something of a boom time, with both foreign and local buyers looking to snap up prime properties. While Spain has a fully developed property market, there are massive regional variations that can often give the wrong impression to those not doing their homework.

Read the full article →
Thumbnail image for Buying property in Italy

Buying property in Italy

October 4, 2009 property

In line with the employment North / South divide, there is a definite difference in the two property markets. The North has the more developed and higher paid employment opportunities, while historically the South has been the area for lower paid manufacturing employment. As the country continues to leave behind the shadows of economical volatility [...]

Read the full article →
Thumbnail image for Buying property in USA

Buying property in USA

October 4, 2009 property

While the United States has always been a home ownership country, where occupier owned homes have always far outweighed rented property, the current level of home ownership (70%) is high by historic standards.  The country has just gone through the tail end of a housing boom that many believe is linked to the stock market [...]

Read the full article →