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A strong currency in the UK is encouraging property investors to buy real estate abroad with some 46% keen to take advantage of the current state of the Pound, new research suggests. The survey has found that 23% of respondents are considering buying property abroad in the next 12 to 18 months due to the stronger economic climate for business and residential lettings in foreign countries. The study, commissioned in the aftermath of the Conservatives securing a majority in the recent general election, shows how a combination of financial factors are persuading property investors that now is the time to seek opportunities abroad for higher returns. Almost a quarter (23%) of respondents are considering buying property abroad in the next 12-18 months due to the stronger economic climate for business and residential lettings in foreign countries. The poll commissioned by FXcompared Intelligence, the research division of money transfer comparison site FXcompared, also found that Conservatives winning the general election is also a significant factor with 20% stipulating this as a prime reason for buying abroad. Other key influences include easier access to mortgage funding, cited by 22%, while some 16% said changes to UK Stamp Duty and property tax, 14% access to pension funds and 12% better mortgage deals abroad. The poll also asked what type of properties investors were interested in and found that 19 are looking to invest in multiple properties at one location, while the same number think coastal locations offer the best return on investment. Also 25% are now focusing on bigger properties as they seek to capitalise on the current opportunities in the market especially as a stronger pound has made it more affordable. Better weather is still the main lifestyle factor when considering foreign property ownership, mentioned by 48%, but 42% said it was how easy the location of the property is to reach while 21% mentioned finding an up and coming area. ‘With unprecedented opportunities for overseas buyers given the low euro, property investors believe they can get more bricks and mortar for their money abroad. 'Over the next 12 to 18 months we could see a trend among residential and commercial property investors, focusing heavily on major European countries such as Spain, Portugal, Italy and France,’ said Daniel Webber, managing director of FXcompared. ‘Aside from the financial reasons for pursuing foreign property ownership, lifestyle choices are still playing a big role too, with better weather and transport links major factors when choosing where to buy investment property,’ he added. Continue reading →
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