Spain has returned to the number one spot for Britons looking to buy property abroad, according to overseas mortgage specialists Conti Financial.
The country accounted for more than half (54 per cent) of enquiries received by the company in the first quarter of 2015, claiming first place back from France which had been the most popular destination during the last quarter of 2014.
Well documented problems in Spain’s property market, which had led to prices plummeting and investor confidence falling to an all-time low, had led to an increasing number of Brits turning their back on Spain. However, as the country’s economy slowly starts to improve and house prices expected to halt their downward slide soon (they already have in some regions) the country is once again back on the radar of British overseas home seekers.
In total, the latest Conti figures revealed that the volume of overseas mortgage enquiries received by the company increased by 41 per cent over the first three months of this year, compared with the final quarter of 2014. France accounted for almost a third (29 per cent) of enquiries, followed by Portugal with 11 per cent.
Clare Nessling, director at Conti, says: “It was only a few years ago that the Spanish property market was shrouded in doom and gloom. Dogged by oversupply and plunging prices, many investors were giving it a wide berth. Fast forward to 2015, however, and things are looking much rosier.
“Bargain prices and the opportunity to negotiate these down even further with some very motivated sellers mean that it’s most certainly a buyer’s market. This together with historically low interest rates and the growing strength of the pound is making it much more affordable to buy there, and signs that the market is improving are starting to lift the confidence of prospective buyers.”