On 4th April, the BBC Real Story programme talked about first time buyers in the UK frozen out of the market and suggested buying abroad as an alternative.
Alicante
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“Peter Fletcher, 26, went in search of a bargain property in Spain after finding prices in fashionable south Manchester beyond his reach.
On paper, buying abroad may sound like a good idea as the property is cheap and the potential holiday rental is good. As I found out, for an investment of £120,000 I could buy and rent out a property for over 500 euros a week for up to 80% of the year.
That’s a great return compared with renting out a property in the UK. If I bought a property for the same amount in Manchester, it would be in an area where the rent may not even cover the monthly mortgage.”
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Looking at the website, he didn’t go ahead, but how many people watching that programme would have looked at the follow-up of the story on the website?