More retirees investing in overseas property

Recent research from Findaproperty.com has revealed that the British are the most enthusiastic overseas property investors in Europe, and that two million Brits are now spending the majority of their time living abroad.

Nigel Lewis, head of content at FindaProperty.com says that out of this figure, 450,000 expats are still in employment and have mostly moved abroad through corporate relocations or because they have set up businesses overseas. He adds that 1.2 million British expats are retired or semi-retired, of which 400,000 are in Spain, and 200,000 in France. The remaining 350,000 are either on holiday, second home owners or investors.

This is backed up by property website Primelocation.com, which says that international property searches continue to perform strongly. It states that public spending cuts, increased personal taxation for the rich and fewer job opportunities in the UK have led many to re-evaluate their lives in the UK and consider moving abroad. While the economy is in its current state, people feel that it could be a good time to leave the UK and pursue opportunities overseas.

Clare Nessling, Operations Director at Conti, says: "We've arranged a lot of mortgages for people moving abroad in older age. The attraction of a better climate and a more relaxed lifestyle means the number of people wishing to retire overseas seems to grow every year. And in many destinations, not only do they find that property is cheaper, they also tend to find that their income supports a more comfortable lifestyle because costs are lower than in the UK.

"And there's more good news for anyone who's considering a move - it's a great time to buy property abroad. Not only do overseas mortgage providers have a healthy appetite for lending to foreign nationals, reduced property prices and historically low interest rates are making it much more affordable."