The hazy dream of owning French property is a more affordable reality for many Brits Photo: JPEStana
Conti’s latest report shows that “excellent buying conditions” are continuing to draw British buyers back to the overseas property market, with the strong pound sterling against the euro making traditional lifestyle destinations appealingly affordable.
Indeed. the number of enquiries received by the company jumped 38 per cent in the second quarter of 2014 year-on-year.
Spain is top of Brits’ wish lists, accounting for a huge 59 per cent of enquiriesin the second quarter. France, in second place, accounts for 27 per cent of enquiries, followed by Portugal with eight per cent.
Bargain property prices and low interest rates are boosting buyers’ affordability, but the current strength of sterling is also having a very positive effect on their budgets, and the pound rising to a 22-month high of €1.26 is good news for anyone thinking of making a purchase, adds the broker.
Clare Nessling, director at Conti, says: “Prices are good, rates are low and lending conditions are improving, so it’s perhaps no surprise that buyers are returning to the market. What has exacerbated the situation is the concurrent performance of the UK economy where the pound has been strengthening against other currencies including the euro, and this is also having a big influence on buyers’ enthusiasm.”
As always, Conti says that it’s vitally important for buyers to seek the right advice. Bitter experience has taught many overseas property buyers that scrimping on independent legal advice can effectively cost them their holiday home. Buyers should always go through the same process that they would follow if they were buying a property in the UK. There’s nothing to be gained, and everything to lose by cutting corners and failing to carry out due diligence.