Buyers put off by overseas market

Saga Overseas Homes says despite the huge demand for overseas property in the UK, confidence in buying a second home abroad is lacking.

A recent report by market research firm Mintel has revealed that the number of overseas property owners has increased by 45%. However, the report also shows that 61% of adults worry about being ripped off if they were to buy a home abroad.

SOH says its own research has found that the process involved in purchasing a house abroad can put off buyers.

Paul Green, head of communication at SOH, says: “Mintel’s report has highlighted the trend for people to buy overseas and we know that this is even more pronounced among the over-50s.

“We believe there is still huge pent up demand for overseas property and our research suggests this is only being held back by a lack of confidence in the process of buying abroad.”

Mintel’s report also showed that a further 41% of adults would be happier buying property abroad if the process was regulated by the EU.

Paul Davies, senior finance analyst at Mintel, says: “It seems that a significant proportion of the population would feel safer if the foreign property market was regulated. The research suggests the introduction of statutory measures by the EU could have a positive impact on the overseas market.”