Distressed sales 'offering bargains'

Those looking to buy property overseas can pick up many bargains due to the economic climate, it has been stated.

Director of trading at money exchange company Currencies Direct Mark O'Sullivan said: "Clients that are buying through us are cash buyers. They are the EUR100,000 - EUR300,000 (GBP87,000 - GBP260,000) plus buyers."

This group is well able to pick up bargains in many countries, he noted, with there being a wide availability of distressed property, enabling buyers to "drive whatever bargain you like".

Mr O'Sullivan noted that the number of buyers is rising, which he said is a common feature of the summer months.

Some of the properties available in Spain are being sold by British expats, recent research has revealed.

A study by Currencies Direct found that a 15 per cent monthly increase in these has been occurring since the start of the year.

At the same time it also found that the year to May 2009 has seen a doubling of the number of Britons buying euros to purchase overseas properties.