European properties 'becoming more affordable'

A range of factors has led to properties in the eurozone becoming more affordable, with a resulting increase in Britons wishing to buy, it has been stated.

Overseas mortgage firm Conti noted that homes in France, Spain and Portugal are now "more affordable" for UK buyers.

Commenting on the growing desire to buy in these countries, the firm's operations director Clare Nessling stated: "Over the last few weeks we've seen an increase of around 20 per cent in the number of enquiries received and quotes given out for European mortgages."

She said that investors may also have gained confidence from the improvement in the value of sterling against the euro and the recent cut in euro rates by the European Central Bank (ECB).

The ECB announced on May 6th that it was reducing its main refinancing rate by 0.25 percentage points to one per cent, something that may help lower mortgages across the eurozone.