Go-aheads increase for mortgages on overseas homes

The overseas property market could be seeing signs of a pick-up, with Conti experiencing its busiest month for almost a year in terms of mortgage go-aheads.

A go-ahead is the point at which prospective buyers take their mortgage quotes to the application stage.

Go-aheads increased by 48% in March compared with February.

The proportion of prospective buyers progressing from the quote stage has also risen, suggesting buyers are becoming more serious about their investments.

The overseas property specialist says falling property prices – in some cases by 50% – and historically low interest rates are making transactions more affordable despite the strength of the euro.

Clare Nessling, operations director at Conti, says: “Falling property prices in many European destinations mean the chance of owning a place in the sun may never be better.

“Low interest rates mean this has become more affordable for British buyers.”