British overseas home buyers are flocking to France despite recent property tax hikes and falling prices in other favourite destinations like Spain and Portugal.
Plenty of British buyers are seeking property bargains abroad, according to foreign exchange firm HiFX.
France is just ahead as the most popular place in the sun with 23% of the vote from British buyers – especially with the weakening Euro giving British buyers more spending power.
Spain trails in second place with 20% of buyers voting for the costas, but falling prices are putting off professional investors as they believe the market still has a way to go before bottoming out.
“Bargain hunting Brits still find Spain is popular because of the low property prices,” said the firm’s Mark Bodega.
Buying overseas property
“House prices have dropped 13% in the past 12 months and by up to 40% or so in recent years. In the past, bargains at current prices were renovation projects inland, and these properties are even cheaper while those on the coast are not within the reach of the budgets of many more people.”
Other favourite destinations include the USA (7%) then Italy, Cyprus, Portugal and Switzerland all with 3% share of the vote.
A third of British adults said they want to buy a home overseas in the next 24 months, while 30% are eager to buy within six months.
Most are willing to spend between £50,000 and £100,000 on a second home, with 16% opting to shell out £100,000 to £150,000.
Savings will fund buying an overseas home for 43%, while 25% suggested they might have to sell their home in the UK to fund buying abroad.
Place in the sun
The most attractive reasons for 60% of those wanting to buy overseas are lifestyle and culture. Weather is a big pull for 51% who are fed up with wet and grey British summers and chilly winters.
One in four believed owning a property in another country was cheaper than running a home in the UK.
“Brits still want to live the dream of moving abroad or owning a second home overseas, and many believe this is the right moment to look for a bargain and to enjoy more foreign weather, lifestyle and culture,” said Bodega.
“Before selling up or committing to a deal, research the options fully first. Although property is cheap in many places, the Eurozone crisis is threatening to undermine the economies of some.”
