France top for UK overseas home buyers
Oh la la! France is the top destination for UK overseas homes buyers, according to a new market update.
Despite recent property tax increases, France still came out as the country most in demand from 23% of those surveyed in the latest HiFX Property Hotspots Report.
Spain was runner-up with 19%, but was less popular with experienced property owners with 9% saying they would buy there.
America was third most popular with 7%, followed by Italy, Cyprus, Portugal and Switzerland.
Mark Bodega, of foreign currency specialist HiFX, says, “France remains a safe bet for Brits. It goes without saying that the sun and lifestyle are a big pull but buyers can now get better value for their money and take advantage of the weakening Euro.
“Spain is still popular with Brits who are hoping to take advantage of lower property prices. The average property price in the country is down almost 13% in the last year alone."
Those wanting good deals used to look inland for neglected properties they could improve, but with prices falling dramatically everywhere, there are plenty of deals to be had even on coastal properties, says Mr Bodega.
But he warns that buyers should carry out in-depth research and although there are some great deals to be had, problems in the Eurozone meant conditions in some countries could be unstable.
More than one-third of those surveyed were aiming to buy a property abroad in the next two years and 30% in the next six months.
Almost half will use their savings to buy with 16% aiming to spend £100,000-£150,000and 28% £50,000-£100,000. Around a quarter plan to sell their UK home to buy overseas.
The most popular reason for moving abroad with 59% of those surveyed is a better lifestyle and culture, followed by better weather and an improved standard of living.
“It's still a big dream for many Brits to either sell up and move abroad or own a second property overseas, and many understandably think now is a good time to pick up a bargain in the sun and make the most of the foreign weather and culture,” Mr Bodega adds.
HiFX is a leading independent online foreign currency exchange broker.