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Brits looking overseas for property

04/11/05

The number of Brits looking to buy an overseas property is set to double, a new survey shows.
 
Research by Barclays found around five per cent of people questioned already have a home aboard with another five per cent saying they will definitely be buying one in the future.
 
But a third of people also claimed to be "considering a purchase aboard".
 
But nearly six in ten potential house buyers said they were concerned about local legal or tax issues whilst nearly one in five were worried about leaving the property unoccupied for long stretches.
 
A further eight per cent thought they might be overcharged by the seller whilst 14 per cent felt that a different language and culture could prove problematic when arranging the intricacies of the deal.
 
Spain was by far the most popular location for a second home, winning the hearts of 30 per cent of those surveyed. The USA (15 per cent) and France (14 per cent) also proved to be firm favourites.
 
Suzanne Clay, head of European business development at Barclays, said: "The trend towards owning property abroad shows no sign of abating and could go through the roof if people were more confident of a hassle-free purchase."
 
"Many people buying a second home overseas are likely to use it for holiday purposes, but are not averse to letting the property out to help with mortgage repayments. They might also be looking at it as a place to retire to. To others, this may be a significant step towards moving overseas permanently," she added.