Younger UK buyers lured by cheaper continental house prices - claim

Increasing numbers of young buyers are looking abroad to boost their chances of getting on the property ladder.

New data from international property portal Kyero suggests there was a 31% increase in young British people aged 18-24 looking for homes in Europe during the final three months of 2022 compared with a year before.

This was attributed to the cost of living crisis in the UK combined with high house prices and affordability issues.

The portal suggests that growing numbers of young people are considering a move to Europe as lower prices in Spain, France, Italy and Portugal make these countries more attractive as alternatives to buying and living in the UK.

The average cost of property in the UK is currently £294,000 according to the December 2022 Land Registry House Price Index.

In comparison, buyers could pay an average of €120,000 (£105,145) in Spain, €69,500 (£60,896) in Portugal, €102,000 (£89,373) in France and €65,000 (£56,953) in Italy, based on Kyero.com data.

Unlike property in the UK which rose from £275,000 in December 2021 - a 7.6% annual increase - in Europe property prices on Kyero.com fell last year. 

Average property prices fell 6% in Spain, 21% in Portugal and 34% in Italy between December 2021 and December 2022 - which of course could be seen as a reason not to buy

In France they increased by 2%.

Martin Dell, co-founder of Kyero.com, said: “Amid rising property and living costs in the UK, Europe is becoming an increasingly viable option for many people, especially younger generations. 

“Indeed, many European countries are keen to entice young people to their shores with attractive visas appealing to remote workers, such as those recently launched in Spain and Italy and available in Portugal.

“As well as cheaper property costs, living costs can also be more affordable in other countries. With more remote working now the norm, a move to Spain, Portugal, France or Italy is now an option for many more people in the UK.”