3.8 million first time buyers would consider buying abroad just to get onto the property ladder, according to the new research from MRI Overseas Property...

One in three Brits (32%) would consider buying a property abroad just to get onto the housing ladder, according to the new research from MRI Overseas Property.

The pressure of the UK housing market is having the most significant effect on 18-29 year olds when it comes to considering their options to get onto the housing ladder.

Almost three quarters (71%) of 18-29 year olds would consider buying abroad and four in ten (39%) of them who don't currently own their own property would consider purchasing a property abroad as a means of getting a foot on the ladder.

The stereotype of overseas property owners as retired holiday home-owners is also changing as one in five (21%) 18-29 year olds who would consider buying abroad would now buy a property abroad as a financial investment.

Londoners first to go

First time buyers in London under pressure from the capital's sky-high property prices are anxious to find a means to owning their own house.  41% would turn to buying a property abroad as a potential solution. However, only 24% of Scots are prepared to follow suit.

Darragh MacAnthony, Group Chairman of MRI Overseas Property, said: "The UK property market's ever-increasing prices are now having a serious impact on people's attitudes towards buying property in Britain. With so many young people unable to get onto the property ladder, buying a property abroad can seem an attractive option, either as a means of generating a financial return or to experience living abroad at a time in their lives when they have less ties to home.

MacAnthony continued: "For the thousands of Brits planning to buy a home abroad the most important thing is to do their research.  Research into which country and region is right for their needs, what the legal requirements are and what the additional cost implications should not be underestimated.  Making the right decision is critical whether you are looking in Spain or Brazil.  Buying a property in any location is a decision that should not be entered into lightly as it's a big responsibility, especially for first time buyers."