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British real estate buyers 'looking towards Europe'

British real estate buyers 'looking towards Europe'

Overseas property buyers in the UK are increasingly looking towards markets in mainland Europe, an expert has noted.

According to Paul Collins, editor at BuyAssociation, this part of the world had typically been very popular with purchasers in Britain, until the onset of the current financial crisis.

However, he noted that the turmoil in Europe has "gone out of the news a little bit" and that conditions appear to be stabilising slightly.

This, he said, is prompting people to consider looking towards this region once again.

As a result, online money transfer activity between Britain and members of the eurozone could be set to increase.

Mr Collins suggested that lifestyle buyers are particularly keen to look for properties in mainland Europe, partly because it is so accessible on low-cost and chartered airlines.

However, he noted the inclement weather Britain has experienced in recent months may also have played a part in driving this trend.

"There is the fact that summer in this country has been so horrendously poor that it does lead to people looking more towards the climate as a reason to look for property overseas," Mr Collins commented.

His observations appear to be backed up by recent figures from Rightmove Overseas, which showed that Spain and France have been attracting lots of interest from aspiring buyers in the last few months.

The website described Spain as "the public's favourite overseas property destination in 2012 so far", with the Canary Islands in particular proving very popular.

Many would-be purchasers have also been looking towards Portugal in the last few months, as well as Kefalonia in Greece.

Shameem Golamy, head of Rightmove Overseas, noted it is not unusual for people to look towards sunny destinations in the run-up to their summer holiday to look at the possibility of purchasing a property in these places.

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