From a two up two down to trendy Tuscan town house
For the price of an average UK home, Brits could own a large detached house with a pool in the Sunshine State or a bijou studio apartment in trendy Nice, according to research by Primelocation International.
With a sustained high number of Brits looking to buy a second home overseas or even to emigrate permanently, the UK’s principal international property portal has explored what they could get for their £169k in the most popular destinations in five favourite countries.
Orlando in Florida, USA has the most to offer for the average UK house price tag, with a typical property being a four or five bed detached house with at least two reception rooms and two bathrooms and often a pool as well. At the other end of the spectrum, £169,000 will only buy a studio apartment in fashionable Nice. In between the two, Portugal, Italy and Spain offer a selection of three bed villas and two bed apartments in various styles.
While the pound fell against both the euro and the dollar post credit crunch, it is now gradually starting to recover. In addition, foreign house prices have fallen from their peak, meaning that buyers can get more for their money. In many cases, low interest rates mean that the cost of a mortgage is also lower than it has been previously.
Ann Wright, International Development Manager of Primelocation International, comments: “Brits considering buying abroad, either in the form of a holiday home or as part of a permanent move overseas will no doubt be interested to learn how much and what type of property they can buy for the approximate amount of money that they would be spending on their UK home.
“As ever, buyers will be paying for location and will get less for their money in Nice, which has remained relatively resilient during the downturn, than in Orlando or Albufeira in Portugal. However, price adjustments over the course of the credit crunch, which saw property markets in all five of the countries take a hit, are allowing those with finance to get a good deal for their money, particularly in the US.
“The gradually growing strength of the pound and low interest rates are also contributing to Brits’ decision to buy abroad. The traditional and established markets being looked at are likely to return to healthy growth and offer stability over the longer term but it goes without saying that caution and research remain key for any international property purchase.”
USA, Florida – Orlando
4-5 bedroom detached house
2+ reception rooms, 2+ bathrooms
Garden with a pool, garage
The USA is long standing favourite with British holiday home owners and house prices in the country have fallen over 30% from their peak since the credit crunch. Buyers looking in the popular Disney area can therefore get relatively good value for their money, in the form of a large house with a garden and a pool.
Portugal - Albufeira
3 bedroom town house or villa
Reception room and dining area, 2 bathrooms
Garden, sometimes with pool
Portugal has suffered in the recession but its popularity with holidaying Britons has not waned. Property in the Algarve was ranked ninth best value for money, based on price per square foot in recent research.
UK – Greater Manchester
3 bedroom semi-detached house
1 Reception room, 1 dining room, 1 bathroom
The property market in Manchester is representative of that of the UK as a whole. The three bed semi detached house in the suburbs typifies the average UK home.
Spain – Marbella
2 bedroom apartment often in new build resort
1 reception room, 1 bathroom
Use of communal gardens and pool
Marbella in Spain remains the number one spot for Brits searching for property abroad and new build coastal resorts offer very good facilities for their asking price.
Italy – Siena
2 bedroom apartment within old converted or restored town house
1 reception room, 2 bathrooms
Terrace or roof terrace
Buyers looking in Siena in Tuscany can own an attractive traditional town house in a central location for the price of the average UK home.
France – Nice
Contemporary style studio apartment
1 reception room with kitchenette, 1 bathroom
Street level parking
Another traditional favourite, the Cote D’Azur and Nice in particular, has seen lower than average property price falls and as a result, buyers will get less space for their money, paying for the location.