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
Arts and Entertainment
The eyes have it: Kate Bush
music
Arts and Entertainment
booksNovelist takes aim at Orwell's rules for writing plain English
Arts and Entertainment
Al Pacino in ‘The Humbling’, as an ageing actor
filmHam among the brilliance as actor premieres two films at festival
News
Fifi Trixibelle Geldof with her mother, Paula Yates, in 1985
people
PROMOTED VIDEO
News
i100
Arts and Entertainment
Art
Arts and Entertainment
Elizabeth McGovern as Cora, Countess of Grantham and Richard E Grant as Simon Bricker
TV
Life and Style
Instagram daredevils get thousands of followers
techMeet the daredevil photographers redefining urban exploration with death-defying stunts
Arts and Entertainment
Diana Beard, nicknamed by the press as 'Dirty Diana'
TVDaughter says contestant was manipulated 'to boost ratings'
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

English Teacher

£100 - £115 per day: Randstad Education Cardiff: Randstad Education are curren...

Web Developer (Infrastructure, JavaScript, jQuery, jQuery UI)

Negotiable: Harrington Starr: Web Developer (Infrastructure, JavaScript, jQuer...

DT Technician

£65 - £80 per day: Randstad Education Cardiff: DT Technician required to start...

Trainee Recruitment Consultant - Manchester - Huxley Associates

£18000 - £23000 per annum + Commission: SThree: One of SThree's most successfu...

Day In a Page

Alexander Fury: The designer names to look for at fashion week this season

The big names to look for this fashion week

This week, designers begin to show their spring 2015 collections in New York
Will Self: 'I like Orwell's writing as much as the next talented mediocrity'

'I like Orwell's writing as much as the next talented mediocrity'

Will Self takes aim at Orwell's rules for writing plain English
Meet Afghanistan's middle-class paint-ballers

Meet Afghanistan's middle-class paint-ballers

Toy guns proving a popular diversion in a country flooded with the real thing
Al Pacino wows Venice

Al Pacino wows Venice

Ham among the brilliance as actor premieres two films at festival
Neil Lawson Baker interview: ‘I’ve gained so much from art. It’s only right to give something back’.

Neil Lawson Baker interview

‘I’ve gained so much from art. It’s only right to give something back’.
The other Mugabe who is lining up for the Zimbabwean presidency

The other Mugabe who is lining up for the Zimbabwean presidency

Wife of President Robert Mugabe appears to have her sights set on succeeding her husband
The model of a gadget launch: Cultivate an atmosphere of mystery and excitement to sell stuff people didn't realise they needed

The model for a gadget launch

Cultivate an atmosphere of mystery and excitement to sell stuff people didn't realise they needed
Alice Roberts: She's done pretty well, for a boffin without a beard

She's done pretty well, for a boffin without a beard

Alice Roberts talks about her new book on evolution - and why her early TV work drew flak from (mostly male) colleagues
Get well soon, Joan Rivers - an inspiration, whether she likes it or not

Get well soon, Joan Rivers

She is awful. But she's also wonderful, not in spite of but because of the fact she's forever saying appalling things, argues Ellen E Jones
Doctor Who Into the Dalek review: A classic sci-fi adventure with all the spectacle of a blockbuster

A fresh take on an old foe

Doctor Who Into the Dalek more than compensated for last week's nonsensical offering
Fashion walks away from the celebrity runway show

Fashion walks away from the celebrity runway show

As the collections start, fashion editor Alexander Fury finds video and the internet are proving more attractive
Meet the stars of TV's Wolf Hall... and it's not the cast of the Tudor trilogy

Meet the stars of TV's Wolf Hall...

... and it's not the cast of the Tudor trilogy
Weekend at the Asylum: Europe's biggest steampunk convention heads to Lincoln

Europe's biggest steampunk convention

Jake Wallis Simons discovers how Victorian ray guns and the martial art of biscuit dunking are precisely what the 21st century needs
Don't swallow the tripe – a user's guide to weasel words

Don't swallow the tripe – a user's guide to weasel words

Lying is dangerous and unnecessary. A new book explains the strategies needed to avoid it. John Rentoul on the art of 'uncommunication'
Daddy, who was Richard Attenborough? Was the beloved thespian the last of the cross-generation stars?

Daddy, who was Richard Attenborough?

The atomisation of culture means that few of those we regard as stars are universally loved any more, says DJ Taylor