One in 10 British owners of foreign property plan to sell up

Tax increases and glut of homes on the market blamed for making the cost of
ownership of a property abroad too expensive

According to a new report from currency specialists HiFX, higher
mortgage rates, property tax rises and concerns about the eurozone
worries have encouraged homeowners to put their house on the
market.

The figures suggest that the country poised to see the biggest exodus is Spain, where 45 per cent of British residents are trying to sell their property.

"Since the housing bubble burst in 2008, property prices in Spain have fallen by a third," said Mark Bodega, Director at HiFX, "which has had a detrimental effect on the value of second homes. It is no surprise that property owners are fleeing the country as the outlook remains poor, with high levels of unemployment and slow growth."

France is also set to suffer, with just over a quarter  of Brits planning to sell up, partly due to the recent increases in capital gains tax and tax on rental income - since these tax hikes were implemented, 28 per cent of Brits say that the cost of ownership of a property abroad is becoming too expensive.

For those looking to sell up, finding a buyer is proving difficult. Around 30 per cent of second home owners have had their property on the market for over 12 months with almost one in ten claiming that their property has still not shifted after two years. Around 45 per cent blame the number of properties on the market, especially in Spain, which is suffering from a significant surplus of homes.

One in five Brits claim that they have failed to sell their home as they cannot get the sale price they expected and nearly three quarters of second homeowners say that their property value has decreased over the past year.

Discover more property articles at Homes and Property
Property search
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs General

Recruitment Genius: Online Sales & Marketing Assistant

£22000 - £25000 per annum: Recruitment Genius: This UK based B2C and B2B multi...

Recruitment Genius: New Business Sales Executive - Opportunities Across The UK

£15000 - £30000 per annum: Recruitment Genius: Join a fast growing, UK based I...

Recruitment Genius: Events Consultant

£24000 - £32000 per annum: Recruitment Genius: A position has arisen for an ex...

Recruitment Genius: Injection Moulding Supervisor

£20000 - £26000 per annum: Recruitment Genius: Busy moulding company requires ...

Day In a Page

The difference between America and Israel? There isn’t one

The difference between America and Israel? There isn’t one

Netanyahu knows he can get away with anything in America, says Robert Fisk
Families clubbing together to build their own affordable accommodation

Do It Yourself approach to securing a new house

Community land trusts marking a new trend for taking the initiative away from developers
Head of WWF UK: We didn’t send Cameron to the Arctic to see green ideas freeze

David Nussbaum: We didn’t send Cameron to the Arctic to see green ideas freeze

The head of WWF UK remains sanguine despite the Government’s failure to live up to its pledges on the environment
Author Kazuo Ishiguro on being inspired by shoot-outs and samurai

Author Kazuo Ishiguro on being inspired by shoot-outs and samurai

Set in a mythologised 5th-century Britain, ‘The Buried Giant’ is a strange beast
With money, corruption and drugs, this monk fears Buddhism in Thailand is a ‘poisoned fruit’

Money, corruption and drugs

The monk who fears Buddhism in Thailand is a ‘poisoned fruit’
America's first slavery museum established at Django Unchained plantation - 150 years after slavery outlawed

150 years after it was outlawed...

... America's first slavery museum is established in Louisiana
Kelly Clarkson: How I snubbed Simon Cowell and become a Grammy-winning superstar

Kelly Clarkson: How I snubbed Simon Cowell and become a Grammy-winning superstar

The first 'American Idol' winner on how she manages to remain her own woman – Jane Austen fascination and all
Tony Oursler on exploring our uneasy relationship with technology with his new show

You won't believe your eyes

Tony Oursler's new show explores our uneasy relationship with technology. He's one of a growing number of artists with that preoccupation
Ian Herbert: Peter Moores must go. He should never have been brought back to fail again

Moores must go. He should never have been brought back to fail again

The England coach leaves players to find solutions - which makes you wonder where he adds value, says Ian Herbert
War with Isis: Fears that the looming battle for Mosul will unleash 'a million refugees'

The battle for Mosul will unleash 'a million refugees'

Aid agencies prepare for vast exodus following planned Iraqi offensive against the Isis-held city, reports Patrick Cockburn
Yvette Cooper: We can't lose the election. There's too much on the line

Yvette Cooper: We can't lose the election. There's too much on the line

The shadow Home Secretary on fighting radical Islam, protecting children, and why anyone in Labour who's thinking beyond May must 'sort themselves out'
A bad week for the Greens: Leader Natalie Bennett's 'car crash' radio interview is followed by Brighton council's failure to set a budget due to infighting

It's not easy being Green

After a bad week in which its leader had a public meltdown and its only city council couldn't agree on a budget vote, what next for the alternative party? It's over to Caroline Lucas to find out
Gorillas nearly missed: BBC producers didn't want to broadcast Sir David Attenborough's famed Rwandan encounter

Gorillas nearly missed

BBC producers didn't want to broadcast Sir David Attenborough's famed Rwandan encounter
Downton Abbey effect sees impoverished Italian nobles inspired to open their doors to paying guests for up to €650 a night

The Downton Abbey effect

Impoverished Italian nobles are opening their doors to paying guests, inspired by the TV drama
China's wild panda numbers have increased by 17% since 2003, new census reveals

China's wild panda numbers on the up

New census reveals 17% since 2003