One In Five Britons Buy Their Second Property Abroad
With the state of the UK a concern for most people, many investors from Britain are thinking twice about getting making any long-term financial commitment. This has meant the overseas property market is becoming increasingly appealing to these individuals.
A recent report by localuknews.co.uk, stated approximately one in every five Britons have taken the risk of investing in an overseas property market. The research which had been conducted for the Telegraph Weekly World Edition, found that almost a fifth of Brits now own a foreign property. Be it for permanent residence or for holiday purposes.
There is the strong possibility the figure could rise in coming years. Why you may ask? Well the answer is fairly simple. The pound is still pretty strong, and this gives potential buyers with greater purchasing power. With extra bang for their buck, Brits can potentially take advantage of any bargains they come across.
Britain could hold other gems other than property for investors in the coming years
The overseas property market offers opportunities for investors from Britain. And there is a correlation between the nations suffering from the recession, and the ones where there are property prices have been suppressed. Countries such as Greece, Spain and Italy are prime destinations for Brits looking to take advantage of cheaper properties.
Conti Financial Services, who are a mortgage provider, have experienced a big increase in the interest shown towards the overseas property market. The two months just passed, where the busiest for the firm this year. And this interest could continue, as the market does not look like it will settle for a while.
As the foreign markets remain troubled, the property market in the United Kingdom is showing signs of recovery. This is attracting British expatriates to their homeland, the country they left when they moved. The lure being rising house prices, which has made many invest their hard earned money back into Britain. Underlying the decision is hope, hope that prices continue to rise and in turn they realise a healthy profit.
Clare Nessling, director of Conti Financial Services, had given an example of her own experience. She said Spain and France were still hugely popular with investors from Britain, who are looking to keep their risk exposure low. However, there is the chance that when investor confidence increases, other opportunities in Britain could become equally attractive to investors.