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Research from Parador Properties revealed that home-buyers fail to recognise an opportunity to buy overseas for as little as £55k.
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Jack Hamilton, Managing Director of Parador Properties, said: The average price a first-time buyer pays for a house in the UK is around £150,000. As a result, we would expect to see more and more people looking to get on that seemingly elusive first rung of the property ladder by buying outside the UK.
Our research shows that, sadly, many are unaware that there is a realistic alternative route to get on the ladder.
To help them achieve that first purchase, the company has launched a new website, www.from55k.co.uk, which shows would-be first-time buyers whats available.
The survey also revealed that the desire to own an overseas home is strong with 77 per cent of those under 24 saying they would buy a property abroad if they won a substantial amount of money on the lottery.
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Prospects for first-time buyers in the UK are not set to get any brighter. The Bank of Englands decision to raise the cost of borrowing to 5.25 per cent in January has made it even harder for them to get on the property ladder unaided.
With many young people leaving university already in debt, due to student loans, pressure is put on parents to help out with the money for a deposit.
Research from the Council of Mortgage lenders has shown that nearly half of first-time buyers are relying on their parents to help them with buying their first home compared to fewer than 10 per cent in 1995.
Hamilton said: The irony is that over 50 per cent of people surveyed aged 34 and under said theyd like to move overseas permanently, mostly without realising they actually could!
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