Despite falling property prices and weak exchange rates, new research reveals that people are still looking for an overseas solution…
Despite falling property prices and weak exchange rates, new research reveals that people are still looking for an overseas solution. With one in six Britons considering a foreign property purchase in the next twelve months (15%), Potential overseas property buyers are increasingly looking for a permanent escape from the British Isles, rather than an investment in overseas bricks and mortar.Figures show:
– One in six Britons are considering buying a home overseas in 2009.- Potential overseas property buyers are 17 per cent more likely to be considering a permanent move than 12 months ago.- Overseas property is 47 per cent less likely to be seen as an investment than a year ago.
The research by Foreign Currency Direct, reveals that the proportion of potential overseas property buyers planning an indefinite move aboard has increased 17 per cent in the last 12 months, from 35 per cent to 41 per cent.
However, the Pound’s recent devaluation against other currencies means that property purchases abroad are now far less likely to be seen as an investment. The proportion of potential foreign property buyers looking to buy a property as an investment has dropped sharply by 47 per cent from 32 per cent in January 2008 to 15 per cent in January 2009.
Not only is the poor weather a key factor cited for buying abroad but there is also an increasing loss of patience with UK cost of living.