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Rise of the 'BARBies'

11/04/2007

In the 80s and 90s, yuppies and sloane rangers made their mark in the property market. Now, witness the rise of the BARBies...

Specialist Insurer Hiscox defined BARBies - “buying abroad, renting in Britain” - as a new group of young buyers who invest in overseas property while renting in the UK. Its new study shows 27% of prospective first time buyers say they would consider buying overseas to get on the property ladder.

Observing that the younger the buyer, the more likely they are to be deterred from purchasing in the UK, its research also found that 84% of 18-24 year olds believe buying abroad is a more affordable option.

Steve Langan, UK Managing Director at Hiscox observed:

“More young people than ever before are finding their route into the UK property market blocked and are turning to overseas property investment as a more affordable and potentially lucrative option”.

He added: “In the 1980s, yuppies started to push UK property prices up and the signs are that 20 years later, BARBies could do the same for property prices abroad”.

First time buyers in the South East were most likely to consider investing overseas, whilst 33% of men would consider buying a foreign property compared to only 22% of women.