Analysts are calling them “the vacation generation.” This corresponds to research carried out by booking.com in March which suggested that one in three young people spend their time travelling as much as possible; one of the primary motivations stated is to post the photos on social networking sites and feed the “social ego.”
These conclusions and nicknames may be slightly unjust or one-sided. Many feel they have been priced out of the housing market and millennials turn to travel as an enriching experience that broadens their horizons in lieu of being able to set down roots in bricks and mortar.
However, there is an alternative for those who turn to travel after rejecting home ownership as an impossible dream – investing in property overseas. More than a fifth of those surveyed by booking.com said they were inspired to move somewhere new after travelling. The investment provides many of the same advantages as travelling to far-flung locations in providing exotic backdrops, cultural and social enrichment. In addition it can also offer that crucial first step on the property ladder and possibly some collateral for UK investment in the future.
Whether emigrating or buying a holiday property to rent out, moneycorp has helped many clients realise the dream of owning property overseas. As a specialist foreign exchange provider, we also offer a number of tools to purchase and maintain property overseas, from making regular automated payments via a Regular Payment Plan for a mortgage or utility fees to transferring currency online and repatriating rental income back to the UK. If young people choose to broaden their horizons on property ownership, they can have the best of both worlds – an investment for the future and an Instagram feed that is the envy of their friends and followers.
moneycorp is a trading name of TTT Moneycorp Ltd which is authorised and regulated by the Financial Conduct Authority for the provision of payment services. All customer funds are safeguarded in segregated client bank accounts.