Wednesday, Aug 11, 2010
What to do when your home country is too expensive
Telegraph: One in four first-time buyers seek property abroad
34pc of first-time buyers have been put off buying property in the UK due to the volatility of the housing market, according to a new survey. 24pc are instead considering moving overseas, with Australia listed as the number one destination, closely followed by France and Spain. “Despite turbulent economic times our report shows that a staggering one in four first-time buyers are considering investing in overseas property at the moment,“ said the company which commissioned the research. “This is due in part to the high costs of UK housing, which has recovered over 12 per cent since the lows seen in 2008, making it far harder to get onto the UK property ladder.” He added: “A lot of people now are interested not just in holidaying or retiring abroad, but having a career abroad.
15 Comments
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1. paul said...
I love the opening premise that these people are buying these homes 'despite turbulent times' (inferring that these are unnecessary second homes) and 'due to volatility in the UK housing market'.
And then the later statement about having a career abroad! The way they refuse to join up the dots is laughable.
Wake up and smell the coffee - this is a brain drain because housing is too expensive in the UK!
2. str 2007 said...
I've mentioned this before.
Watch out Baby Boomers these people were the ones that were going to pay your pension.
3. str 2007 said...
Oooh
I've just noticed that recaptcha has vanished
Hoorah
That'll make posting from my I phone easier.
4. 51ck-6-51x said...
Surveys consistently show a big percentage of people (especially younger people) are planing on moving abroad, yet it does not seem to materialise.
Wot No ReCaptcha!
5. landofconfusion said...
"yet it does not seem to materialise."
It is happening, albeit slowly. The problem is getting a job there in the first place, which is made difficult if you don't live there first, which is difficult if you don't have job there.
In my case I'm hoping to join a company with offshore offices in Europe (preferably Germany). Then I can get out of this sh*t hole forever and all the numpties and their BTL portfolios can rot.
6. drewster said...
666 - Yet lots of Europeans keep moving to the UK, especially to London which is apparently the seventh biggest French city. Britain is like democracy - it's the worst possible country apart from all the others.
7. 51ck-6-51x said...
LandOfConfusion - I did not mean to imply that no-one emigrates! I meant I see surveys saying things like "30% of under 30s to leave UK within 5 years" year in year out, yet realised emigration never gets anywhere near these "forecasts" (A lot more people say "I'm leaving" than "do leave" is all).
8. Stevie B. said...
They're buying property in........er.......um.......australia? The highest house-prices-to-incomes ratio of any developed country and they're buying...now? Just in time for China to go off the boil perhaps? Then what - another fime mess for a bit I'd guess.
9. landofconfusion said...
"I meant I see surveys saying things like "30% of under 30s to leave UK within 5 years" year in year out, yet realised emigration never gets anywhere near these "forecasts" (A lot more people say "I'm leaving" than "do leave" is all)."
Of course and the difficulty in accessing the local labour markets is usually the reason why.
On that note, if there is anyone here who works for a foreign country and who would like some highly skilled workers it might be a good ideas to get your local companies who have offices here to advertise positions in their home country. This country has lots of highly skilled yet disenfranchised workers who are being forced to pay for the education they need so that they can buy an over-priced yet vital asset so that the previous generation can retire in luxury.
10. Anonymhousewill said...
No surprise here heh, anyone with half a brain muts of considered a move abroad. All you old buggers in your 'expensive' hoiuses will have to draft in some filipinos to wipe your arses now.
11. Jeremiah said...
Moving to Australia because the housing is too expensive in the UK? The words 'frying pan' and 'fire' spring readily to mind!
12. Paul B said...
Took a weekend break in Jersey recently and their housing situation is extreme. Prices over there make London look affordable! And yes, this island territory has seen an exodus of their young people, a trend this article is now seeing about the UK. People are voting with their feet and the implications are scary if this becomes an exodus. I'm not surprised if it does - I spent two years teaching in Tokyo and the prices of houses there arent too far off what I see where I'm living now - in Oswestry!
13. Pwez said...
I bought my first home (a farm) and moved abroad. The fact that I could do it with a 25k, unsecured personal 5 year loan had a lot to do with it.
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15. sj032 said...
I've been living in Greece for the last 4 years, and have began to think of England is a little dream/matrix world, whereas Greece is the reality.
Things are truely terrible over here, and the rest of europe is not looking so hot either. I get back to England about twice a year, and although it has huge problems right now, all caused by government tinkering and planning in my opinion, I think you'd have to be a fool to just jump ship, to Europe at least, unless you had a very good reason.
Here they are cutting salaries, increasing taxes so rapidly its amazing to witness, and taking an axe to the public sector.
My point is that, although things may be bad over there, they are much, much worse over here