According to Investors Provident, FTBs are fed up with trying to purchase in this country and now many are seeing the benefits of buying overseas.
This will eventually spell bad news for property sellers in the UK as more and more FTBs choose to invest abroad, meaning fewer people are prepared to buy a property which is on the market.
"We're getting a lot of people who used to traditionally look at the UK market and never really thought about overseas investment and now are starting to look overseas for sure," said Hetal Shah, director of Investors Provident.
The organisation revealed that repossessions increased by 30 per cent between the first half of 2006 and the first half of 2007.
Julian King of National Homebuyers says: "It's a sad state of affairs where owning your own home for the first time is simply out of reach.
"FTBs are being put off the UK housing market because of rising interest rates and figures from the CML (Council of Mortgage Lenders) proves that a danger exists."
National Homebuyers are the UK's leading fast purchase property company, guaranteeing to make an offer on any property, for homeowners who want a quick property sale
