Caitlin Quinn
AS house prices in England and Wales hit all-time record highs, experts predict home ownership in Britain to continue to fall throughout the next decade.
By 2025, the average UK home may cost more than €500,000 and half of Brits under 40 years old are expected to rent rather than own their homes.
This is good news for the Spanish housing market, as many young Brits are drawn to cheap Spanish properties, choosing home ownership abroad over a rental home in the UK.
What would be the point of working-age people relocating to Spain to buy a cheaper house here when it would probably be impossible to find work? Frying-pan/Fire.
If Brits bought in Spain because property is cheaper then surely they’d need jobs in Spain and the unemployment situation is still dire, they’d have to compete with 10’s of 1000’s unemployed by fluent young Spaniards.
If they bought in Spain and tried commuting, that would be almost impossible on a daily basis, and even if they tried say from Barcelona their air fares as well as UK train fares from airports would be prohibitive. So they would be forced to rent in the UK also very expensive, which would negate the whole purpose of owning cheaper property.
Pie in the Sky I think!
Agreed, there are very few job opportunities in Spain so relocating for work is out of the question. If they are lucky enough to be able to work from home, it might just be viable but commuting is a complete no no.
Are they trying to target the buy to let market? You may be able to pick up a brand new apartment in the residential part of Velez Malaga for €70,000 to €100,000 but can you imagine the nightmare of managing it (even using an agent) and think of all the taxes/costs involved. How easy would it be for a Brit to get a buy to let mortgage/residential mortgage in Spain? Most foreign buyers remortgage their home in their country of origin but that is not always an option.