Market instability is leading many would-be property buyers to look tries overseas for their first property purchase, according to the results of a new survey by Moneycorp. Their First Time Buyers Report, which is conducted every two years, also found that a third of these would-be buyers have been refused a mortgage in the last six months, and are looking further afield where their money could go further.

* Luxury property for sale overseas

Spain continues to be the first choice for first-time buyers (FTBs) looking abroad, the report found, with France in second place. The US has now pushed itself into the top five countries in the survey, as the weak Dollar now appeals to those looking to make their first property purchase. And these British buyers certainly aren’t afraid of looking beyond Europe, as Australia made fourth place, ahead of Italy which has dropped from third to fifth over the past two years.

Top three countries for FTBs abroad June 2008

* Spain
* France
* US
* Australia
* Italy

Top three countries for FTBs abroad June 2006

* Spain
* France
* Italy
*Cyprus
* Bulgaria

* Luxury property for sale overseas