Halifax: One third of Brits looking at property abroad

05 April 2006
Banco Halifax Hispania, the Spanish arm of the Halifax, has revealed new research that suggests nearly a third of Britons (29 per cent) would be interested in buying property abroad.

The US and Australia were the most popular destinations amongst those who had thought about looking overseas, with each picked out by nine per cent of those asked. The most popular European destination was Spain (six per cent).

The increase in demand for foreign property, particularly in Spain, is reflected in the Official Social Trends Report (OSTR), which notes that Spanish property accounts for 27 per cent of all Britons' second homes abroad.

The OSTR also found that spending on overseas property has increased by 45 per cent in the UK in the last four years.

Head of European operations at Halifax, Ian Smith, said: "Over recent years we have seen a huge increase in the number of UK residents wanting to buy a property in Spain."

"Our mortgage products are designed with British residents in mind," Mr Smith continued. "We certainly understand the type of mortgage products that British customers require, based on our vast experience in the UK and our knowledge of British attitudes and culture."

Banco Halifax Hispania works alongside a UK-based operations team, making the process easier for British customers who wish to invest in property abroad without the hassle of directly contending with a multitude of foreign companies and institutions.

This, along with the fact that customers can deal with their mortgage lender in English rather than Spanish, is said by many consumers to be a major selling point.

To read more about property abroad, click here.

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