- Ambitious home buyers still looking to pick up a property in France despite recent property tax hikes
- Savings and selling the UK home are the main sources of foreign property funding for UK adults
- Spanish popularity falls amongst experienced property owners
The ongoing Eurozone crisis is doing little to deter ambitious home buyers, with many still keen to pick up a property bargain abroad, reveals the latest findings from the HiFX Property Hotspots Report*, which reveals the top destinations for property ownership abroad as voted by UK adults.
France and Spain
France still tops the list despite recent property tax hikes, with nearly a quarter (23%) of potential buyers looking to own a property across the Channel. Mark Bodega, Director at HiFX said: “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.”
Nearby Spain is still second place with two in ten potential buyers (19%) hoping to purchase a property there. However, the allure of ‘Viva la Espana’ falls down the rankings for experienced property owners, with just 9% saying they would buy there if they were considering purchasing another property.
Mark Bodega added: “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 per cent in the last year alone. In years gone by bargain-hunters would focus inland, particularly looking for rundown properties that needed some work. As inland prices have fallen the most since the property crash this is till true, however prices have fallen on the coast dramatically as well giving bargain huntersplenty of choice.”
The HiFX Property Hotspots report further revealed that 35% of UK adults surveyed said they are looking to buy a property abroad within the next 1 – 2 years, whilst 30% are even looking to purchase abroad within the next six months. Nearly three in ten (28%) say they will spend between £50,000 – £100,000 on their property, with 16% saying they plan to spend between £100,000 – £150,000. Savvy Brits will largely be funding their property purchase through savings, with 43% stating this was how they planned to buy abroad, whilst almost a quarter (24%) said they plan to sell their UK home to buy abroad.
Table 1: Top destinations for UK adults looking to buy a property abroad
Feeling hot, hot, hot
The HiFX Property Hotspots Report also revealed that lifestyle and culture are the most appealing aspects for 59% of UK adults when it comes to considering buying a place abroad, closely followed by the allure of foreign weather (51%). Whilst having a better standard of living and the belief that it is cheaper to own a property abroad than in the UK are the key reasons for 24% of UK adults surveyed.
Mark Bodega added: “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. Our advice is always to make sure people research their options fully first, there are chances now to pick up some great deals but the current Eurozone problems still mean some countries can be quite unstable.”