Overseas property and currency brokers

Currency brokers MoneyCorp and HIFX release reports concerning the overseas property market.

HIFX, the currency specialist, released a report concerning trends for British buyers when buying property abroad. September 2006 sees investment in Bulgaria and Romania rise in popularity following the European Commission’s announcement that both countries will be admitted to the EU in January 2007. The percentage of people looking to buy in Bulgaria has increased by 40% in September.

Mark Bodega, Marketing Director for currency specialists HIFX, suggests “As people return from their summer holidays their thoughts inevitably turn to buying abroad. Spain and France remain the firm favourites with British holiday home owners and property investors alike. Last month, 46% of all the overseas property enquiries we received related to Spain and France. We’ve also begun to see a significant rise in the number of clients buying property in both Bulgaria and Romania as British investors look to cash in on the European Commission’s September decision

According to a new search by currency specialist Moneycorp, the foreign exchange compnay, more than a third of First time admit they would buy a property abroad purely as an investment if they could not afford the UK.

France is the number one choice for cash-strapped Welsh first-time buyers, as property prices continue to soar in the UK, with Spain in second place, as an alternative to trying to climb onto the UK property ladder. Italy, Bulgaria and Cyprus are also high up on the overseas property wish list.

The findings have revealed that more and more young buyers are prepared to commute for overseas to get to their UK office. One in six cited commutability as a key factor in choosing a location.

A report from Nationwide Building Society shows that the proportion of younger people in the 20-24 age brackets able to get onto the UK property ladder has fallen dramatically over the past decade.

Moneycorp spokesman Nick Bull. “The fact that so many first timers are prepared to get their first taste of home ownership in a foreign land speak volume for the state of today’s domestic market buying conditions”.