Nearly three-quarters of potential first-time buyers have given up hope of ever owning their own home, a survey suggested today.
Around 70% of people who do not own a property said they abandoned plans to buy one in the UK because of high house prices, according to foreign exchange group Moneycorp.
A third of first-time buyers also said they were wary of getting on to the property ladder because of the volatility of the UK market.
But 24% of those questioned said they would consider buying a property abroad, with potential buyers expecting their money to go further overseas.
France was the most popular country for first-time buyers who were not relocating to consider buying a property in, followed by Spain, while Australia was the most popular country for people who planned to move abroad.
David Kerns, Moneycorp private client dealing manager, said: "Despite turbulent economic times, our report shows that a staggering one in four first-time buyers are still considering investing in overseas property at the moment due in part to the high costs of UK housing."
