UK housing slowdown 'has driven buyers to Spain'
Published On 12 April 2008
The slowdown in the UK housing market means that people are again looking for property in Spain, an industry expert has said.Terry Walker, chief executive of Propertyinspain.net, explained that UK buyers were increasingly realising that some property in Spain was exceptionally good value at the moment, especially as there continued to be uncertainty about what would happen to house prices in the UK.
What's more, Mr Walker suggested that buyers might find it easier to find a mortgage in Spain than they would in the UK.
"The Bank of Spain has said they have a surplus, and a sufficient amount of cash, to continue to fund credit demand," he said.
"In contrast, the Bank of England does not have a surplus and is shovelling billions of pounds into the market every week now.
"Overall the property market in Spain is as strong now as it has been for the last decade in terms of the prices providing better value for money."
Mr Walker concluded by saying that the costs of buying property in Spain had "never been lower".
