Following an 18-month period of sterling weakness against the euro, as well as the global economic downturn, the overseas property market hit rock bottom during 2009 but things are improving, say World First.
Elisabeth Dobson, head of private clients explains: ‘More and more people are returning to the overseas property market and the general sentiment is much more positive and optimistic than 12 months ago.
‘Our partners in France and Spain both report increased interest from UK-based buyers, although this is restricted to certain areas. In France for example, Languedoc is much more popular at the moment than the old British mainstay, the Dordogne.’
The past few weeks have also seen sterling strengthen to over 1.20 against the euro — levels not seen since December 2008.
Miss Dobson continues ‘While property sales and purchases are on the up, prices in the euro zone are still depressed compared with the boom time in 2007. This, coupled with a stronger pound in their pocket, UK-based buyers are exceptionally well placed to bag a bargain.’