Slump in Brits buying abroad...

According to the results of a newspaper survey today there has been a large slump in Brits buying abroad.

Not only that many who have started the process have given up and many who have bought now feel quite negative about that decision and wish that they hadn't done so.

This is mainly because of prices falling a lot abroad, for instance in Spain prices have typically fallen between around 10% to 30% and so that means that some are even in negative equity which is never a good place to be.

In times of recession it is hard enough to predict the market sentiment and what will happen next in the UK, nevermind thinking further afield and to other countries, so it is a particularly risky time to invest in overseas property.

Re : Slump in Brits buying abroad

Another story in the newspaper today confirming the fall in Brits looking to buy overseas.

However article also says that the fact that there is a falling demand means that those who do have some cash left over from profits made in the good days over the last decade or so are well placed to take advantage of some good prices still on offer in areas of continental Europe that are likely to rise slowly at worst in the next few years.

Re : Slump in Brits buying abroad

It's no surprise to me that less people are looking overseas.

Many people fell into the classic trap when times were good of thinking that things would stay good forever, and not only that but that everything they touched would turn to good.

When the prices are going up you just have to buy property and not even be that wise do nothing to it and the value will go up.

However that process never lasts forever and people get a nasty shock. This is why many are shying away from going overseas at the moment.

Re : Slump in Brits buying abroad

I agree Gareth that it is no surprise to see that there is a reduction in Brits buying abroad, particularly given there is basically a subdued level in activity everywhere.