New research has revealed that over half of first-time buyers have either considered making their initial property purchase abroad or have done so already.

The survey by Fair Investment Company found that 44 per cent of respondents had looked into buying their first home abroad, while a game eight per cent had taken the plunge in a foreign market.

"First-time buyers are being driven to sunnier climes for a route onto the property ladder as a result of the credit crisis which has been shaking the foundations of the UK property market," commented James Caldwell, director at Fairinvestment.co.uk.

"Overseas they can sometimes find cheaper property prices and a lower cost of living, which could make buying their first home more affordable while they continue a high quality of life."

A recent study by HSBC identified Britain as the third most expensive country to live in, after France and Norway.