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Will the last one off in search of the Gold Rush please switch off the lights?
Brits with property abroad set to double, reveals new research from Barclays.
The number of Brits who own property abroad is set to double to 4.4 million, according to new research by Barclays. Five percent of those surveyed already own a home abroad (the equivalent of 2.2 million people in the UK) and a further five percent said that they are definitely going to buy a property overseas in the future. In addition, a staggering 37 percent of respondents said that they were considering a purchase abroad.
However, before the dream can become a reality, there are concerns that need to be overcome:
- 58 percent of those who are definitely or considering buying are concerned about getting caught out by local legal or tax issues.
- 17 percent were worried about keeping the property secure while it is empty.
- A further 14 percent were concerned about being able to understand the local language well enough.
- Only eight percent were worried about being taken for a ride and paying too much for a property.
And if a red-tape, trouble-free purchase could be guaranteed, the following countries would be the destinations of choice - with a couple of surprise destinations outside the European property hotspots making the top five.
Top countries for Brits planning to buy abroad:
- 1 Spain (inc Balearics and Canary Islands) 30%
- 2 USA 15%
- 3 France 14%
- 4 Italy 10%
- 5 South Africa 6%
- 6 Dubai 5%
- 7 Portugal 5%
- 8 Bulgaria 3%
- 9 Croatia 2%
- 10 Morocco 1%
- 11 Don't know 9%
Suzanne Clay, Head of European Business Development at Barclays comments: "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. That's why we offer a range of products to help Brits manage their finances and property efficiently when they are living abroad."
Barclays has the largest presence of any UK Bank in the European mortgage market and serves non resident mortgage customers through its operations in Spain, France, Portugal and Italy. To help take the hassle of owning and running a property abroad, Barclays has launched a range of packaged accounts specifically designed for Brits living or owing properties in popular locations such as France and Spain. In addition to everyday banking needs, the products, FranceSolutions+ and SpainSolutions provide a wide range of other services including a property survey service, home and contents insurance, a home security and alarm service and a translation service.
For first time buyer mortgage advice please click here or phone 0800 5999 007