A new year always means a time for market experts to reflect on the occurrences in the past year and to make projections for the next. The overseas housing market is no exception.
2014 saw a revival of British people buying property overseas, Spain and France remained as the most popular choices with confidence also appearing to be restored in both the Italian and Portuguese property markets.
Recovery of the UK housing market, the increased strength of the pound and relatively low property prices in the less recovered Eurozone have been credited as the stepping stones which allowed so many Brits to achieve their dreams of buying abroad in 2015.
So what does 2015 have in store? With the pound starting the year at a 6 year high against the Euro, 2015 has started well for Brits looking to buy in Europe.
The upcoming general election in May this year brings uncertainty and with uncertainty comes adverse effects on the UK housing market, currency and economy. Many potential purchasers may therefore be inclined to wait until after this period to cement their plans.
However, the new pension rules kick in in April 2015 which allow retirees or those about to retire to take their pension as a cash lump sum. It is anticipated that many will use this to invest in property abroad.
For those who would depend on the sale of their UK property to purchase abroad, the stimulation of the UK property market brought about by the recent Stamp Duty changes will also help.
As interest rates are forecast to stay at record lows well into the end of 2015 in both Britain and in the Eurozone, 2015 already looks like as though it will be a good year to take the plunge and purchase the overseas property that you have been dreaming of.
If you are thinking of buying a property in Spain, France, Italy, Portugal (or anywhere else for that matter!) contact Worldwide Lawyers on 01244 470339 or via our contact form. We will put you in touch with an independent English-Speaking Lawyer to help make the buying process as smooth and as hassle-free as possible.