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Second Homers Buy Spain

Article Date : Tuesday, February 15, 2005       Bookmark on Facebook   Bookmark on Del   Bookmark on Digg   Bookmark on Facebook   Bookmark on Reddit   Bookmark on Spurl   Bookmark on Furl   Bookmark on Yahoo   Bookmark on Magnolia   Bookmark on StumbleUpon   Bookmark on BlinkList

Britons are fuelling a house price boom in Europe as thousands cash in on soaring UK prices to buy a second property abroad. During 2003, around 40% of all new houses built on the Spanish Costas were bought by British people, says Barclays. And of those, nearly two-thirds were bought as a holiday or retirement home. The demand contributed to a 21% rise in house prices on the Costas and Balearic islands during the year, triple the traditional price growth of just 6% or 7%, said the group. Second-homers were having a similar impact on the French market, it added. Prices in the Languedoc Roussillon area, which includes towns such as Montpellier and Nimes, soaring by 28% during 2003, nearly three times the national average of 11.3%. Barclays put the growth in people buying homes abroad down to rising house prices in the UK and the record levels of equity people have been releasing from their properties. During 2003, people unlocked around £57bn from the value of their homes, and Barclays said much of this was used to buy a property in Europe in cash. The average price of a house in France is £81,000, while in Spain it is £87,000. At the same time, the growth in low-cost airlines meant people could travel to an increasing number of destinations cheaply, Barclays added. And historically low interest rates in France and Spain have kept mortgage repayments low for those needing a loan. Sky News Article Feb 15th 2005
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