Lower house prices draw UK buyers to Europe


Joe Baker
Joe Baker
Senior Copywriter
Joe is a Senior Copywriter working on reports, news and analysis. Previously, he worked as a B2B copywriter, journalist and editor covering a broad range of topics, including technology, transport,… Read more
  • A new report shows that young buyers are increasingly looking abroad to get onto the property ladder, especially in popular holiday destinations such as Spain and Portugal, where the price of property is considerably cheaper than in the UK.
  • This trend is driven by a combination of factors, including low interest rates and an increase in the number of young adults willing to explore alternative options to buying property in their home country.
  • The introduction of new technology, such as online portals and apps, has made it easier for young buyers to research and purchase properties overseas.

Research has suggested that growing numbers of young UK buyers are planning to buy property abroad in response to soaring prices at home.

Data from Kyero, an international property platform, reveals that in the last quarter of 2022, there was a 31% increase in the number of British people aged 18-24 searching for real estate in Europe compared to the same period in 2021.

This is an encouraging sign for the European property market, as it suggests that young people are increasingly interested in purchasing homes in Europe.

This may be due to various factors, including an increase in remote work opportunities and the increasing affordability of European property.

Young buyers should also know that online money transfer services allow users to quickly and easily send money across borders. This is especially useful for those interested in buying property in Europe.

It means that they can make property payments quickly and securely without worrying about exchange rates and other fees associated with international transfers.

The data also suggests that the eurozone economy is recovering from the effects of the coronavirus pandemic, which is enabling more young people to purchase homes in the region.

The European property market looks set to continue to recover in the coming years, despite the ongoing cost-of-living crisis.

Many of those surveyed had been attracted to the idea of buying property abroad due to the relative unaffordability of property in the UK. The research also suggests that many of these young buyers are attracted by the prospect of having a holiday home abroad.

With the end of pandemic travel restrictions, many are looking to purchase properties in countries such as Spain, Portugal and France to facilitate their holidays.

Overall, the research highlights that many young UK buyers are being forced to look abroad due to the high cost of property, suggesting that this trend will continue in the future.

Are you a young investor looking to buy a house abroad? If so, you can use our money transfer comparison tool to compare providers and find the best one for your needs.

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