Will airline cutbacks leave overseas property owners stranded? - 11th August 2008

According to some media reports over the last few days, many of the estimated 425,000 owners of properties abroad face the prospect of being stranded as budget airlines announce the cancellation of routes and severe restrictions on the timing and number of flights.

The financial crisis facing the airline industry means that thousands of cheap flights to Spain, Italy and the south of France are to be axed by Ryanair, easyJet and other operators, including British Airways.

An analysis by the Official Airline Guide (OAG), used by the travel industry, shows that budget airlines will scrap almost 60 routes this winter and that there will be 3,000 fewer flights than in the same period last year.

During the budget flight boom that started in the late 1990s, thousands of people bought properties in Europe, encouraged by the prospect of a relaxed lifestyle and cheap and easy links to home. They also thought they could rely on these cheap flights providing them with a steady stream of sun seekers to rent their property and help to pay the mortgage.

Simon Conn, Sales and Marketing Director at Conti Financial Services, says: "People definitely gravitate to locations with a nearby airport, especially if it's served by a budget airline, but we always try to warn prospective buyers that there are no guarantees that cheap flights will continue indefinitely in one location.

"However, people affected by this shouldn't panic. Remember that other nearby airports may offer alternative carriers. We’re finding that other European carriers are now competing with the UK budget airlines, so you should definitely shop around for other potential bargains. This may sometimes mean going through another hub airport such as Amsterdam or Berlin."

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