Britons Still dreaming of a Place in the Sun

This summer’s bad weather has led to almost half of Britain considering buying a place in the sun, new research has found. A survey conducted for Yorkshire Bank found that 43 per cent of people were thinking about purchasing a property abroad. The poll of 1,000 people found the biggest draw for buying an overseas home was the prospect of guaranteed sunny weather, cited by 66 per cent of respondents.

A further 55 per cent said the dream of a more relaxed pace of life enticed them to buy a foreign pad.

Spain was found to be the most popular destination for prospective overseas property buyers, with 45 per cent of respondents saying that they would invest in a holiday home there.

An additional 31 per cent of people said that they would buy a property in the country as part of their retirement plans, while 32 per cent of those questioned said they would buy a property abroad as a long-term investment.

Meanwhile 15 per cent said they would consider buying a home abroad as their best option to get a foot on the property ladder.

However 44 per cent of Britons said they feared they could be ripped off as they did not understand the buying process abroad and 35 per cent said they thought they would find it stressful trying to recruit the necessary professionals, such as estate agents and solicitors.

A further 34 per cent said they were concerned about how they would negotiate a sale in a foreign language.

Commenting on the results of the survey, Yorkshire Bank’s director of retail banking Steve Reid said: “Buying a house, let alone buying one in a foreign country, can be a challenging business.

“Despite this, Britons are still convinced that owning property in Spain is a financial decision worth pursuing.”