RSS Feed

Related Articles

Related Categories

Brits still aspire to second home abroad

14th April 2009 Print
Brits looking to buy abroad have slashed their budgets by over £50,000 in the last year, according to portal PropertyIndex.com, with the average price of property enquired about now at £199,284 in March 2009, compared to £253,435 in March 2008.

However, the total number of overseas property viewings on the site has risen to over 300,000 views in March, following a dip at the end of 2008, showing that the aspiration remains for Brits to buy property abroad despite the global downturn.

While Brits looking to buy overseas have less money to spend, they are still seeking the same type of property as they did a year ago - predominantly one and two-bedroom apartments in coastal locations, within a two-hour journey of an airport.

Buyers are watching the market carefully and waiting for the right moment to buy, and there are signs that this time is approaching as the pound strengthens against the Euro and price falls slow.

Lee Bramzell, Chief Executive of PropertyIndex.com, comments:

"I am not surprised that the aspiration for Brits to own property overseas is still strong, although they have less money to spend and are seeking the best possible value for money. During the boom years, owning a home abroad became a mass market and that dream is not going to disappear overnight.

"However, buyers are aware that property prices have fallen across the globe over the last twelve months, and they are determined to take advantage of this by securing the same type of property for considerably less than they would have paid a year ago."

“Despite their limited budgets, buyers are still whiling away the hours poring over property they can't afford, with the average price of property viewed on the site at £267,618 - nearly £70,000 more than they are looking to spend.”