The UK housing market wasn't the only one to enjoy a bumper summer, there was a surge in Britons enquiring about raising finance to buy property overseas.
Overseas mortgage specialist Conti saw a 62% leap in mortgage enquiries during August, its busiest month so far this year.
Old favourites still top the list of overseas property hotspots, despite eurozone uncertainty. France is still top choice for prospective buyers, accounting for 43% of enquiries this year, followed by Spain with 36%.
There has been a resurgence in interest about Turkey which has moved back up into third position, accounting for 10% of enquiries, up from 6% last year.
Clare Nessling, director at Conti, said: “Traditionally, our enquiry levels tend to rise around now, as people return home from trips abroad with dreams of owning their own place in the sun. But the uplift is even higher this year.
"There may actually never be a better time to buy. Bargain property prices, historically low mortgage rates, good rental yields and a stronger pound are all making it more affordable for British buyers.”
In France, mortgage rates are at their lowest in more than 60 years, Nessling said. "Rates currently start from just 2.1% and you can generally borrow up to 80% of the value of the property."
Buyers in Spain are in a strong position due to the number of homes available and the possibility of negotiating prices down. "With banks such as UBS predicting prices still have another 8% to go before bottoming out, buyers are taking the opportunity to snap up bargains while they can.Mortgage availability isn’t as good as it was a few years ago, but there are still lots of opportunities, especially if you have a healthy deposit. Rates currently start from just 3.23%."
Comments