People should have a "hard-nose investment approach"

Brits planning on using a money transfer system to buy a property abroad have been warned to buy with a "hard-nose investment approach" and not with "their hearts".

The fall in value of sterling will put some people off investing in homes overseas, explained a spokesperson for the Spanish Property Owners Guild, but there will still be thousands who want to escape Britain.

Paul Bradley said: "Spain is one of their favourite escape routes as it is so near, has a great climate and wonderful people."

However, he added that it is now an expensive location for Brits to move to and many people who have retired there are struggling to keep up the lifestyle they hoped for when they first relocated.

In other overseas property news, one industry expert has recently announced that Dubai is one of the safest places to buy.

Nicholas Marr, chief executive officer for homesgofast.com said that the city had not been affected by the economic climate as much as other cities and it is a good time to buy houses that were out of financial reach six months ago.