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BRITS
WITH PROPERTY ABROAD SET TO DOUBLE
(4 November 2005)
 The
number of Brits who own property abroad is set to double to 4.4
million, according to new research by Barclays. 5% of those surveyed
already own a home abroad (the equivalent of 2.2 million people
in the UK) and a further 5% said that they are going to buy a property
overseas in the future. In addition, a staggering 37% of respondents
said that they were considering a purchase abroad.
However,
before the dream can become a reality, there are concerns that need
to be overcome:
-
58 percent of those who are definitely or considering buying are
concerned about getting caught out by local legal or tax issues;
-
17 percent were worried about keeping the property secure while
it is empty;
-
A further 14 percent were concerned about being able to understand
the local language well enough;
-
Only eight percent were worried about being taken for a ride and
paying too much for a property.
And
if a red-tape, trouble-free purchase could be guaranteed, the following
countries would be the destinations of choice – with a couple
of surprise destinations outside the European property hotspots
making the top five.
| TOP
COUNTRIES FOR BRITS PLANNING TO BUY ABROAD |
| 1
Spain (inc Balearics and Canary Islands) |
30% |
| 2
USA |
15% |
| 3
France |
14% |
| 4
Italy |
10% |
| 5
South Africa |
6% |
| 6
Dubai |
5% |
| 7
Portugal |
5% |
| 8
Bulgaria |
3% |
| 9
Croatia |
2% |
| 10
Morocco |
1% |
| 11
Don’t know |
9%
|
Suzanne
Clay, Head of European Business Development at Barclays comments:
“The trend towards owning property abroad shows no sign of
abating and could go through the roof if people were more confident
of a hassle-free purchase. That’s why we offer a range of products
to help Brits manage their finances and property efficiently when
they are living abroad.”
Barclays
has the largest presence of any UK Bank in the European mortgage
market and serves non resident mortgage customers through its operations
in Spain, France, Portugal and Italy. To help take the hassle of
owning and running a property abroad, Barclays has launched a range
of packaged accounts specifically designed for Brits living or owing
properties in popular locations such as France and Spain. In addition
to everyday banking needs, the products, FranceSolutions+ and SpainSolutions
provide a wide range of other services including a property survey
service, home and contents insurance, a home security and alarm
service and a translation service.
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