Get on the property ladder for £55k

Almost a third of young adults expect never to be able to buy their own home, according to results of a survey by Parador Properties. Many are missing a trick, however, as they fail to recognise an opportunity to buy overseas for as little as £55k.

Jack Hamilton, Managing Director of Parador Properties, commented: "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.

“The irony is that over 50% of people surveyed aged 34 and under said they’d like to move overseas permanently, mostly without realising they actually could!”

The desire to own an overseas home is strong, as the survey also revealed.

Over three quarters of those under 24 (77%) and 25-34 year-olds (83%) said they would buy a property abroad if they won a substantial amount of money on the lottery.

So what can you buy for £55k? A 2 bedroom apartment from Parador Properties at the Diamond City 2 development at Didim in Turkey will cost you just £53,446. This potential first step on the ladder comes with 2 balconies, fully fitted kitchen, air conditioning and satellite receiver. Close to all the necessary amenities, Diamond City 2 homes share a communal swimming pool and gardens, giving you a good rental opportunity for your property. The apartments also come with tiled floors for ease of cleaning, and ground floor properties have security grilles, allowing you to lock them and leave them with complete peace of mind. Although this is a typical offering, for the keen bargain hunter there are still properties to be snapped up for as little as £35,000 in the Didim area, though they are, not surprisingly, much in demand.

Prospects for first time buyers in the UK are not set to get any brighter. The Bank of England’s decision to raise the cost of borrowing to 5.25% on 12th January 2007 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 by the Council of Mortgage Lenders (CML) 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% in 1995. The time to look overseas for a solution has surely come.

For more information, visit paradorproperties.com.