Brits 'will return to the euro property market'

Once the pound regains strength against the euro investors may find they need to make an online money transfer so that they can purchase homes abroad.

According to freelance property journalist and founder of PropertyJournalist.com Marc Da Silva, the current economic climate may have made people apprehensive about buying places overseas.

He described how countries such as Spain offer individuals a "wonderful opportunity" to negotiate cheap deals as the price of homes has been falling rapidly for some time.

However, he noted that many Brits will be waiting to return to the market once the climate improves in the UK.

"With the UK pound at this stage, it does make sense for Brits to hold back and wait for the pound to effectively strengthen against the euro," Mr Da Silva stated.

Investors need not worry that they will miss out on the chance of snapping up a cheap property, as the expert added that it is likely prices in countries that are struggling economically will remain low.

It was suggested that nations including Greece, Spain, Italy and Portugal will not see a rise in the cost of homes.

Mr Da Silva remarked: "I can see a situation where they are going to continue to fall – and in some cases, even plummet – for at least another couple of years."

Therefore, the specialist commented that it is likely people will begin to once again send money abroad and purchase properties in these countries once the British climate has improved.

It was noted that Spain, Portugal and Greece in particular are "very popular" with tourists from the UK and, as a result, many investors will soon be looking there once more.

A recent report by PrimeLocation.com revealed that the escalating debt crisis in these nations has led to interest in buying a home falling by almost a quarter (24 per cent) between the first and second quarters of this year.

Posted by Jennifer Wilkinson

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