Property buyers head to spain as the pound rides high

Spain retains the top spot with 45 per cent of mortgage enquiries in second quarter of 2015

Spain continues to be top choice for Britons buying property abroad, according to Conti, the overseas mortgage specialist. The country accounted for just under half (45 per cent) of enquiries received by the company in the second quarter of 2015, consolidating its performance in the first quarter of the year and signalling a strong comeback from its recent economic problems.

France, in second place, accounted for almost a third (31 per cent) of enquiries, followed by Portugal with 18 per cent. Investment in all three countries has been buoyed by the growing strength of the pound against the euro, which recently hit a seven and a half year high and is lopping thousands of pounds off property prices. A €200,000 holiday home, for example, now costs £142,857 compared with £158,228 a year ago, a saving of £15,371 on currency rates alone.

Indeed, the overall number of mortgage enquiries was up by 8 per cent compared with the same period in 2014, as demand increases.