Record numbers looking for property abroad

The number of Brits looking for property abroad has increased by some 25 per cent over the last year, according to research from RightmoveOverseas.co.uk.

A leading portal for overseas buyers, the site received 1.8 million visitors during January – an increase of 25 per cent on the same period of 2007.

According to RightmoveOverseas, the findings illustrate the continued confidence in the overseas investment market – despite concern over a potential moderation of prices in the domestic market.

France and Spain remain the most popular destinations for Brits looking to property abroad; however, these destinations were closely followed by the USA.

Demand for property in the USA has been fuelled by falling house prices – largely as a result of the subprime crisis - and a weak dollar – with a 42 per cent increase in enquiries recorded compared with January 2007.

The slightly more exotic Egypt and Morocco also fared particularly well, with both seeing increases of over 200 per cent year-on-year to January.

Furthermore, the traditional emigration markets of Australia, New Zealand and Canada also grew significantly in popularity.

Conversely, interest in Bulgaria was down by some 35 per cent – perhaps reflecting concerns some of the prime locations in the eastern European country have become saturated in recent times.

“The number of enquiries we were receiving towards the back end of last year was starting to tail off slightly, no doubt reflecting consumers’ concerns over the credit crunch and the performance of the UK and international property markets,” said Justin Figgins, head of RightmoveOverseas.

“However, our strong start to 2008 shows that the desire among Britons to own a property overseas remains as firm as ever.”

Diversification of the market is the key factor in ensuring demand remains strong, according to the organisation.

“Key to this is the different types of buyer - retirees, holiday homers, relocators, investors and BARBies (buy abroad and rent in Britain) - and their reasons for buying,” continued Mr Figgins.

"Market conditions are undoubtedly tough in Spain at the moment, but there are still thousands of Britons who are familiar and comfortable with the country, and whose ultimate wish is to buy a holiday home or to retire to the Costas,” he concluded.