Overseas house hunting searches hit a new high
If you’re looking for a holiday home or investment property abroad now may be the time to step up the search, as it seems that the overseas property market is starting to pick up although somewhat cautiously. Figures published by the Primelocation.com International Market Review (Sept 2009) Search Index states that searches for international property increased by 32% between September 2008 and 2009 and 10% up on the previous month.
France is still the most popular property destinations taking the lion’s share of searches (46.8%), the USA remains a favourite and Bulgaria saw the largest increase with a rise of 22%, whilst Spain once one of the most popular countries for second home ownership saw a more muted increase of 7%. Portugal was the only country to show a decline in interest.
Increased interest in overseas property could be spurred on by the general feeling of the average person on the street (right or wrong!) that the recession will soon be over and also banks have loosened the purse strings, slowly increasing lending in both the home and overseas mortgage market. According to the British Bankers Association the number of approved mortgages in the month October, rising to the highest level since January 2008, approving over 42,000 almost double the figure for last year during the same month.
A spokesperson for Primelocation.com was quoted in a national newspaper this week as saying: "September often sees a spike in interest as holidaymakers return from abroad. However, the impressive growth compared to September last year is a far more encouraging sign, suggesting that the underlying growth in interest in foreign property purchases indicated in last month's data will be sustained".
