Spain still most popular place for would be second home buyers

Spain’s Costa Del Sol remains a firm favourite

English speaking countries and long haul destinations are proving increasingly popular with British people looking at property overseas but Spain still tops the table, according to the latest monthly analysis.

The report from Rightmove Overseas shows that 57.62% of regions have seen an increase in searches since September, 42.28% seen a decrease in searches and 0.10% of destinations saw no change.

Attention has shifted away from France to other European destinations. Some six regions in France have fallen in popularity and Ireland has become the ninth most popular destination. Germany and Turkey have also experienced a fall in search activity.

It is Spain’s Costa Del Sol that remains a firm favourite with potential British buyers with the well-known resorts of Marbella and Puerto Banus both increasing in searches.

‘Budapest has caught the attention of our website users this month with a with noticeable 14% rise in interest. Located outside of the eurozone with one bed apartments from £16,500, it’s not surprising to see why,’ said Shameem Golamy, head of Rightmove Overseas.

He also pointed out that contrary to the search trends of the last few months, September saw a rise in the popularity of long haul English speaking destinations such as Australia, Canada and New Zealand.

‘Whether this is the early onset of emigration season or users simply exploring destinations with a familiar language and similar culture, it remains to be seen,’ said Golamy.

Charles Purdy, managing director of Smart Currency Exchange said that more people seem to search for properties in warmer climates when the weather turns colder and wetter.

‘Psychology also plays a key part in what happens in the currency markets. With the euro having hit €1.28/£1 plus in July many believe that it will return to this level again sometime soon and are therefore delaying finalising their plans. Such a sentiment could be true but the European Central Bank has made it very clear that that they will do whatever it takes to safeguard the euro,’ he explained.

‘This makes it very difficult to forecast where to next for the €/£ exchange rate. The one point I would highlight is that sterling is ten cents higher against the euro than this time last year which means that the dream euro zone property is a lot cheaper,’ said Purdy.

‘Looking to forecast the exchange rates for Australia, New Zealand and Canada is a lot easier as sterling has been trading in a narrow range against these currencies over the last year plus. So if you moving to one of those countries best to try and buy close to the top of that range and if returning the bottom,’ he added.

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