14th March 2007 10:17
According to a report published in the Financial Times, Britons spent nearly £20billion on overseas property in 2006, with the average purchase price at an equivalent of £98,167. The number of British citizens owning overseas property has risen dramatically in recent years as retirement to a sunny country becomes more common and investments become more secure. Over a million pensioners receive state pensions abroad – a significant increase from 770,000 in 1997.

Between 2004 and 2006, the number of Brits owning a second home abroad leapt by 45 per cent. The introduction of mortgages and legal reforms in previously inacessible countries like Turkey has made investing in overseas property markets considerably easier for foreign investors so that buying a holiday home is now a realisable dream for many people.

It is not only the prospect of a sunny climate and secure investment returns that prompt people to invest abroad, but also the shortage of affordable properties in the UK. According to Nationwide, a shortage of properties for sale forced up annual house price inflation in February, which saw the twelfth consecutive house price rise. The average price of a home was £174,706, a monthly increase of 0.7 per cent. With pressure mounting in the UK housing market, foreign property investment looks increasingly appealing, especially for young buyers looking to get a foot on the property ladder.

Unaffordable housing for key workers - According to recent research from the Halifax, property has become unaffordable for the majority of Britain’s key workers, who include the police, nurses, teachers, social workers, and health care assistants. - 24th April 2007 09:58
Property prices peak in Brighton - According to research by the Halifax, Brighton is the UK’s top property market in terms of house price growth. - 20th April 2007 10:14
"Inheritance tax is here to stay", reports NAEA - According to The National Association of Estate Agents (NAEA), Gordon Brown’s announcement that inheritance tax will remain until at least 2011 indicates that the tax is becoming increasingly “main stream” and is likely to be a permanent fixture. - 13th April 2007 12:30
Brown resolves confusion over property tax abroad - For buyers wanting to invest in property abroad but avoid restrictive inheritance laws in countries like France, the idea of buying property through a company seemed to be the perfect solution. - 11th April 2007 10:24
Warmer weather, cooler property market this spring - According to Nationwide’s monthly property market report, inflation in March was down by 0.9% from February to 9.3%, indiacting a cooling property market after the Bank of England’s recent interest rate rises. - 2nd April 2007 10:03
Moving house costs triple in 10 years - The cost of moving house in the UK has risen dramatically in the last ten years. - 28th March 2007 10:24
Mortgage lenders achieve record month - The Council of Mortgage Lenders (CML) has this week announced the highest borrowing figures on record for February. - 23rd March 2007 17:34
HIP initiative confirmed - In spite of protests from the NAEA (National Association of Estate Agents) to the proposed Home Information Packs scheme, the Department of Communities and Local Government confirmed that HIPs will become law on 1st June 2007. - 21st March 2007 10:19
Demand for property outweighs supply in the South - Demand for houses in the South of England is outstripping supply, putting pressure on the property market and forcing house prices to rise considerably. - 8th March 2007 10:08