Overseas property market set to hit the heights in 2005
Demand by UK buyers for overseas properties could reach its highest level to date, according to overseas mortgage specialists Conti Financial Services (CFS).
Senior Partner Simon Conn commands more than 20 years' experience of the overseas market and has witnessed burgeoning demand for buy-to-let investment property and holiday and retirement homes worldwide. The Hove, East-Sussex-based firm is witnessing record enquiry levels, he says: “The possibility of achieving impressive benefits, such as attractive interest rates against sterling and an enhanced lifestyle has been drawing more of us than ever before towards buying abroad,” he says.
'The investment possibilities continue to be strong with property prices in most overseas locations rising year on year.'
The most popular areas for Brits are still France, Spain, Italy and
Portugal, he adds, however the weakening dollar is clearly having a major impact on how UK residents view buying further afield, with US favourites such as Florida high up buyers' wish lists.
It is now possible to achieve very favourable rates both in Europe and in the USA, he continues `For example, for France, Spain or Portugal the current rate is from 2.75% for a Euro mortgage over 25 or 30 years respectively. US dollar mortgages are available for the States from around 1.50% variable, with a fixed rate Sterling deal for Florida over three years available at a highly competitive 5.25%.'
He adds: 'The current strength of sterling and low euro zone interest rates (and therefore cheaper loan repayments) means that we see the market continuing to grow confidently, and as the New Year starts many more UK buyers are planning to benefit from the win:win investment opportunities.'
CFS run an in-house team of overseas mortgage experts, all specialising in particular countries and all of whom offer professional, friendly service, not only on the most appropriate overseas mortgage deals but also on how clients can receive independent advice on the legal and conveyancing processes involved when buying property abroad.