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First-Time UK Buyers Opt for Bulgaria, Turkey, N France
Updated: 2007-03-19

First-Time UK Buyers Opt for Bulgaria, Turkey, N France
Novinite
Business

Bulgaria, Turkey and northern France are the current hotspots for British first-time buyers overseas, reports The Observer.

"You can buy a one or two bedroom apartment for around GBP 40,000 in Turkey or GBP 60,000 in Bulgaria and you can still get houses for GBP 60,000 to GBP 80,000 in northern France," says Simon Conn, managing director of overseas mortgage specialist Conti Financial Services.

The latest Halifax figures put the average house price in Britain at GBP 192,233.

Data of Conti Financial Services shows the number of a new generation of first-time buyers, who, frustrated with soaring house prices in Britain, are looking abroad for a way on to the property ladder, have escalated recently. The trend has become even more visible since a number of countries in Eastern Europe joined the European Union.

David Smith, of Bulgarian which sells property throughout the country, says he has recently been approached by several potential buyers in their early twenties, mainly women, who are looking to use the money they have for a deposit to buy in Bulgaria.

"Everybody wants to be on the property ladder and if they can't do it at home they will look elsewhere," he said. "It is normally studios and one-bedroom apartments that they are after. They are looking to double their money in four or five years and come back into the UK market."

A fifth of first-time buyers in Britain consider a move to Eastern Europe for a cheaper way of life, according to a report by National Savings & Investments premium bonds.

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