Overseas property picks up the pace

Friday, 6 February 2009 9:44 AM

One in six Britons are considering a foreign property purchase, according to research by Foreign Currency Direct released today.

The currency broker found more Brits are choosing to move abroad permanently, with 15 per cent considering a property purchase abroad over the next year.

Foreign Currency Direct's 'Bail Out Britain Index' said there had been an increase of 17 per cent of the proportion of potential overseas buyers planning an indefinite move abroad, and there had also been a huge 70 per cent increase in the number of people looking to buy holiday homes abroad.

However, the research, also suggested that the recent weakening of the pound against other currencies had put many off investing abroad, with the proportion of potential foreign property buyers looking to buy a property as an investment dropping by 47 per cent, from 32 per cent in January 2008 to 15 per cent in January 2009.

Peter Ellis, chief executive of Foreign Currency Direct, said: "We are seeing a distinctive shift in what motivates Britons to buy a property abroad. The results from this latest research show that, while people are still looking to buy property abroad, it is increasingly for a permanent move or as a holiday home rather than as an investment opportunity.

"Buying abroad can be an expensive decision, but by shopping around for everything from your property to your currency exchange rates, you can save yourself thousands of pounds. For example, by transferring money for the sale of a property through a currency broker, rather than your bank you could save £8,000 on the purchase of a £200,000 house."

The research also found that Britons' lack of enthusiasm for the British climate and economy remains a high motivation for buying a place in the sun.

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