Nearly half of Britons 'looking to buy abroad'

Close to half of people in Britain are considering buying property in sunnier climates, according to a financial institution.

Research from Yorkshire Bank has found that 43 per cent are thinking about buying outside on the UK, although 44 per cent fear being ripped off.

Sunnier weather is the big draw to leaving the British property market for most, the firm found, as 66 per cent wanted to purchase a place in a hotter environment.

It added that what people saw as a more relaxing pace of life abroad was also a big attraction for 55 per cent of respondents.

"Buying a house, let alone buying one in a foreign country, can be a challenging business. Despite this, Brits are still convinced that owning property in Spain is a financial decision worth pursuing," said director of retail banking at the firm Steve Reid.

Meanwhile, BuyAssociation has commented that it is easier to make money in European property than through purchasing in the UK.

Related Articles:
First-time buyers 'should avoid raffles'
A competitively priced house can sell quickly, says expert
Mortgage overpayments 'can help protect equity'
Take a year off mortgage payments with Nationwide competition
Dream home 'kept in mind by 60 per cent of Brits'