Local hotspots 'will maintain overseas property'

People interested in purchasing overseas property might want to keep an eye on currency exchange rates as it has been suggested the local hotspots will keep the market ticking over.

Robin Wilson, head of overseas at Rightmove.co.uk, said that despite declining activity in larger regions, "there will nearly always be localised hotspots that buck the trend".

The comments followed a recent report from Knight Frank, which revealed that the annual global price growth in the third quarter of the year was lower than that in the second quarter.

Indeed, the previous three months showed a growth rate of 3.1 per cent, compared to 4.3 per cent in the second quarter.

But Mr Wilson noted that the market will be affected by a range of influences.

"Buying dispassionately for investment requires one set of requirements and metrics, but for most lifestyle purchasers, when they purchase [it] is more to do with their circumstance than the state of the market that week," he explained.

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Posted by Thomas Barber