Revealed: the place in the sun most desired by Brits
Spain reigns supreme for Britons buying abroad, accounting for a massive 46% of overseas mortgage enquiries in 2015, according to specialist Conti.
Spain’s property market crumbled at the height of the financial crisis, and property prices plummeted. But after years of a depressed market, it’s starting to pick up, with Knight Frank reporting a rise of 1.2% in Spanish property prices from the third quarter of 2014 to the third quarter of 2015. And this has boosted optimism among those potentially buying abroad according to Conti.
In the second half of the year, France was even more popular with Brits enquiring about an buying abroad, accounting for 44% of enquiries compared with Spain’s 42%. But over the course of 2015, however, it took a 34% share, so came second overall.
Portugal came third in the hotspots list with 15% of enquiries during 2015, up from 11% in 2014.
Clare Nessling, director at Conti, says: “It’s great to see the old favourites topping the list of overseas property hotspots. It wasn’t so long ago that the Spanish market was shrouded in doom and gloom, but the market has turned the corner at last and excellent buying conditions are luring investors back. We’re also seeing buyer’s markets in France and Portugal, and there’s been a general lift in confidence among buyers who are returning to these traditional markets in their droves.
“Bargain prices and historically low mortgage rates are making it more affordable than ever to snap up a property in all three countries, but the biggest boost to buyers’ budgets has been the growing strength of the pound, providing them with more buying power and more pounds in the pot. Long may it continue.”