New figures have identified the referendum announcement in June had little impact on overseas property searches.
Leading overseas property experts A Place in the Sun have analysed search patterns on aplaceinthesun.com from 2015 against those recorded this year to find an overall 2% increase in traffic. The overseas property portal is utilised by users to search for property in locations around the world, both within and outside the EU.
• Latest figures confirm ongoing British interest in overseas property
• Potential buyers seeking reassurance and strong advice purchase
• Brexit panel session in association with Foreign & Commonwealth Office (FC0) and other government departments
While they have reported an increase of 11% in property enquiries year on year, they also say buyers are seeking reassurance about the future – without necessarily knowing what that means.
Andy Bridge, Managing Director of APITS Ltd commented: “In most cases people who were planning an overseas property purchase are going ahead and completing. Some are choosing to wait and are affected by one of two outcomes post-referendum; either they are not confident they can afford to buy at a price 10% higher than early June due to the change in the exchange rate, or they feel they should wait for some sort of clarification of how Brexit will impact overseas home ownership. This is where we need to reassure; clearly buyers are still going to be able to own property in Spain and elsewhere once we leave the EU. And if you are looking to live there permanently, you will have more rights for having taken up residency while Britain remains in the EU so those looking to move permanently should consider their timing.”
A Place in the Sun identified a lack of knowledge in key areas as potential barriers to purchase; over a quarter of buyers (27%) did not know how currency movements would affect their purchase or how to forward fix the exchange rate and a third (33%) were afraid that they would make the wrong decision on a property or location.
Bridge added: “Some buyers feel they should be more cautious at the moment because it’s the sensible thing to do which is understandable, though it’s important for estate agents to identify genuine concerns that people have and deal with them. As always, good advice and information is vital.”
A Place in the Sun Live is an overseas property exhibition and will be returning to Birmingham NEC from 23rd to 25th September showcasing overseas properties from around the world. This year, in response to the referendum announcement, there will be seminars and talks with leading experts in property, legal, taxation, foreign exchange and healthcare that will be focusing on the potential impact of a Brexit for overseas property owners and purchasers.
Bridge explains: “We have seen a steady increase in footfall to all of our exhibitions each year as those considering overseas property seek advice from industry experts from around the world. This year we have decided to focus our live seminars and talks on the impact of Brexit, as we know there is concern among overseas property purchasers. Anyone considering an overseas property purchase would really benefit from attending and enjoying these free events within the show.”
A Place in the Sun Live tickets are on sale now via www.aplaceinthesun.com/exhibitions