Brits return to searching for an overseas home
An increasing number of people are looking to buy property overseas despite the UK’s poor economic performance, according to the latest International Search Index from PrimeLocatio
The quarterly index reveals that searches for overseas property increased by 14% in the third quarter of 2011, rising by 17% for the top ten most popular destinations.
At the top of the table, the United States saw the greatest rise in searches, with 31% more searches than in the second quarter, and it remains the third most popular destination for property hunters.
Switzerland and Germany were the other big winners within the top ten, with the number of searches increasing by 30% and 28% respectively.
Nigel Lewis, property analyst at PrimeLocation.com, says:
“The credit crunch and the resulting UK recession knocked most of the stuffing out of the overseas property market for holiday and second homes and for some time now it’s been wealthy retirees who have kept places such as Spain and Portugal ticking over.
“But traffic is starting to lift off again in the better known destinations driven by investors looking for healthy returns in countries such as Germany; high net worth individuals looking to move to Switzerland and avoid the UK’s high income tax; and wealthy retirees deciding it’s time to head to Europe and beyond for a better quality of life despite the recession.
“Also, our research shows the US has witnessed the highest growth in property searches within the Top Ten, mainly because prices are now so extraordinarily low that it’s a very tempting place to buy a discounted holiday or second home.”
Only two countries within the top ten saw a decline. Searches for Cyprus property fell by one per cent, and the United Arab Emirates by five per cent, which dropped one place as a result within the Top Ten.
At the top of the table, the United States saw the greatest rise in searches, with 31% more searches than in the second quarter, and it remains the third most popular destination for property hunters.
Switzerland and Germany were the other big winners within the top ten, with the number of searches increasing by 30% and 28% respectively.
Nigel Lewis, property analyst at PrimeLocation.com, says:
“The credit crunch and the resulting UK recession knocked most of the stuffing out of the overseas property market for holiday and second homes and for some time now it’s been wealthy retirees who have kept places such as Spain and Portugal ticking over.
“But traffic is starting to lift off again in the better known destinations driven by investors looking for healthy returns in countries such as Germany; high net worth individuals looking to move to Switzerland and avoid the UK’s high income tax; and wealthy retirees deciding it’s time to head to Europe and beyond for a better quality of life despite the recession.
“Also, our research shows the US has witnessed the highest growth in property searches within the Top Ten, mainly because prices are now so extraordinarily low that it’s a very tempting place to buy a discounted holiday or second home.”
Only two countries within the top ten saw a decline. Searches for Cyprus property fell by one per cent, and the United Arab Emirates by five per cent, which dropped one place as a result within the Top Ten.
Breaking news
Direct to your inbox:
More
stories
you'll love:
This week's biggest stories:
This week's biggest stories:
Buy-to-let
The Mortgage Works launches sub-3% buy-to-let rates
Tax
HMRC rule change set to impact millions of landlords and sole traders
HSBC
HSBC launches over two dozen sub-4% mortgage rates
Bank Of England
Bank of England cuts interest rates by 0.25% in three-way vote
April Mortgages
April Mortgages launches 7x loan-to-income lending
Pension
Government announces plans to consolidate small pension pots
