View more on these topics

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.”

Recommended

House prices on the way up for 2007

Hometrack has predicted the housing market is moving into “unchartered territory”, and has forecast a 4% rise in house prices for 2007.The automated valuation model provider says the supply and demand imbalance and low levels of housing turnover will drive up house prices.Richard Donnell, director of research at Hometrack, says: “The housing market is moving […]

Keep up with European developments

Attention is turning to the European dimension of mortgage regulation and the FSA has unveiled a new section on its website dedicated to this subject, says Bill Warren

Blast from the past has future role

The current account offset model is worth revisiting. It has a strong customer retention record and encourages the long-term relationships needed to combat customer churn, says Frank Eve

RICS joins Tenancy Deposit Scheme

The Royal Institution of Chartered Surveyors has been approved as part of the Dispute Service component of the Department for Communities and Local Government’s Tenancy Deposit Scheme.Gillian Charlesworth, head of regulation policy at RICS, says: “RICS is delighted to be approved as part of Dispute Service component of the DCLG’s Tenancy Deposit Scheme, thus obtaining […]

Newsletter

News and expert analysis straight to your inbox

Sign up