Buying property in Spain not just for the older generation

Buying a property in Spain is no longer only a luxury afforded by Britons heading into retirement, according to new research from Banco Halifax Hispania.

The age of people who would most like to live in Spain

When asked where they would most like to live overseas, Spain was voted the most popular European destination by Britons. Of those surveyed, nearly seven out of ten people (68%) who would most like to live in Spain were under the age of 55 with just 14% over the age of 65 years.

The age of people who currently own their own home abroad

One in twenty (5%) people surveyed already owned a home abroad and half of these were under the age of 35 years (50%.) One in five people (20%) owning their own home abroad was under the age of twenty-five and 4% was over the age of sixty-five.

The age of people who had considered moving abroad or buying a house abroad

In addition, nearly one third (29%) of respondents had also considered moving or buying a home abroad. Three in five (60%) of these people were below the age of 45 years whilst almost a third (31%) were aged between 45 and 64 years of age.

Ian Smith, head of European Operations at Halifax plc, said: "It has long been assumed that only the older generation is buying property in Spain, but this is far from the case, as it is also proving to be a popular location amongst younger age groups. Spain is an ideal destination to set up a second home as British people can benefit from shorter, more frequent trips to their property at affordable prices."