Bulgarian Property Trend

Bulgarian Property Trend
Buying abroad and renting in Britain could well be the new
trend for young property buyers living in the UK. This
trend is being demonstrated by first time British buyers
choosing Bulgarian property over the UK

Nearly one in four are now priced out of the UK property
market altogether, so it's no surprise that they are now
considering alternatives that will give them that
all-important first step without succumbing to the UK's
sky- high property prices. With talk of 100 percent
mortgages, shared ownership schemes and 75-year loan terms,
UK home buyers are looking to the Bulgarian property market
to make their first home purchase.

The average UK house price is now in excess of
£200,000 as quoted by the BBC and recent interest
rate rises coupled with a bleak economic outlook have not
aided the situation. The burden of a lifetime of mortgage
payments is weighing heavily on young homebuyers' minds.
Added to this, a survey with National Savings and
Investments showed that a massive 84% of 18-24 year olds
believe that buying their first home abroad is more viable
than buying it in the UK. The National Savings and
Investments survey revealed that in London, 36% of first
time buyers would consider buying abroad as an alternative
to purchasing in London. .

Research from Quest Bulgaria Magazine indicated that the
Bulgarian property market is still buoyant and looks set to
grow even further. It seems there is no better time than
now to invest in Balkan bricks and mortar. Despite this
positive forecast, many first time buyers remain reluctant
to actually put down roots in Bulgaria. This could be due
to preconceptions about the country which include, fear of
the language barrier, its reputation for being a haven for
senior citizens and worries about employment prospects.

UK salaries are disproportionately low when compared to the
rising house prices, so it is not unusual for British
twenty somethings to opt for a life back home with Mum and
Dad instead of venturing onto the property ladder. The high
deposit and crippling mortgage of UK property ownership
need not elude potential homeowners. A Bulgarian bolt-hole
can provide a rental income and potentially build equity if
the Balkan market performs according to expectation. The
buy-to-let market is on the up in Bulgaria, which coupled
with the country's very low taxation of just 10% shows
there is a huge financial incentive to make your first
property purchase there.

Bulgarian property offers enormously good value for money
and house prices are currently forecast to rise on average
by 15% this year. If you're banking on a quick return, look
for up-and-coming areas in the process of regeneration.
Similarly, improvements to transport links are usually a
sure sign that an area is going up in the world. Low cost
airlines tend to have a ripple effect on the surrounding
areas of any airport they add to their ever-expanding
routes.More and more people are making the most of long
weekends and cheap flights for mini breaks overseas.
Nowadays, it is normal for people to take frequent trips to
second homes instead of traditional, single longer
vacations. This broadens the scope for Bulgarian property
investment with some regions enjoying both long summers and
ski-friendly winter seasons.

Regions with the best transport links offer a compromise
between buying for pure investment and full-scale
relocation. It is financially possible to live and work
between two countries. Working in London and then spending
your weekends in Sofia or Varna is now perfectly possible.
It's worth bearing in mind that, under the UK's flexible
working legislation, parents with a child under the age of
six and certain adult carers have a legal right to request
flexible working hours. Even if you do not fall in this
category, it might be worth asking your employer if you can
work flexibly. An employer may only refuse a request from
an eligible employee should there be recognised business
grounds for doing so. With high-speed internet connections
available in Bulgaria, employees can take the opportunity
to work from their Balkan home.

The UK is awash with TV shows on property renovation,
taking these elements and applying them to a Bulgarian home
could pay dividends too. Many will agree that the UK
property market is saturated with developers making
renovation bargains thin on the ground. By comparison,
Bulgaria is packed with potentially lucrative properties,
from ready-made holiday apartments to serious building
projects.

----------------------------------------------------
Nicholas Marr is CEO of overseas property portal at
http://www.homesgofast.com his knowledge has been gained
comes from the relationships he has numerous Bulgaria based
real estate agents and developers at
http://bulgaria.homesgofast.com/