Falling numbers or mortgage approvals and generalised depressions in the property market in Britain has meant that many potential buyers have chosen to delay any residential conveyancing until the market has improved.
However, reports have revealed that many Britons are taking advantage of low house prices in Spain and seeking a bargain property overseas. Spain is currently struggling with banking and economic problems which has made it difficult for residents to sell their homes.
Overseas mortgage specialist Conti has reported a 33% increase in Spanish mortgage enquiries from Britons over May and June 2012 compared to the monthly averages for previous months.
Spanish properties have suffered their worst price slump over the last year since 2007, with monthly price index appraisal company Tinsa revealing that house prices are down by 10.8% year-on-year.
Claire Nessling, director at Conti, said, “The Spanish market has reached a low point, so buyers are using it as an opportunity to shop for a bargain.”
She added that Spain not only offers historically low interest rates and the growing strength of the pound against the euro, but it also offers better weather than the UK – these factors may be encouraging people to enlist the help of a conveyancing solicitor to buy a Spanish home.