Younger buyers inject life into Spanish property market
A new group of overseas investment property buyers is emerging as a result of high UK house price inflation and uncertain borrowing costs, a survey suggests.
The affluent homeowner looking to expand their property portfolio could be joined by a growing number of aspiring first-time buyers looking to buy abroad and rent in the UK.
Close to 3 in 10 prospective homeowners said in a Hiscox survey they would consider buying abroad in order to get onto the property ladder.
It would seem that the younger the investor, the more amenable the idea of buying abroad becomes. Out of UK adults, 74% believe buying abroad to be more affordable than buying in Britain, whereas 84% of 18 to 24-year-olds think the same thing.
Several experts have noted recently that Spain in particular has seen an influx of younger property buyers. David Bexon of SmartNewHomes said: "Younger homebuyers with families view Spain as a safe and reliable destination and with no jet lag and an improving number of attractions geared to families."
He added that the market has had an "injection of new life" thanks to younger homebuyers.
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