Increasing number of Brits buying Spanish property

The number of British citizens buying holiday homes in Spain is on the rise once more.

With the pound outperforming the euro in recent months, the interest in purchasing property overseas has soared, with a 48 per cent rise in the number of Brits looking to buy homes in Spain compared to this time 12 months ago.

Spanish property broker Simon Conn explained that British borrowers were again becoming more interested in Spain, with the Canaries and the Balearics proving particular popular too. He noted that the interest rates at present were in the region of three per cent, while lenders were asking for a deposit of between 30 and 40 per cent.

The average budget for Brits moving to Spain is 517,000 euros, although it is a relatively high 758,000 euros in Barcelona and a much lower 148,000 euros in Lanzarote.