News Article Published:
Wednesday, 22 August 2007
Category:
Financial Services
Banks pushing mortgages in Britain will have to work hard to convince people to take up their deals, while financial firms offering overseas mortgages may not have to promote their services too hard, as bad weather drives more Brits to purchase property abroad.
Since Barclay's Bank claims the number of Brits enquiring about foreign properties has doubled since this time last year, all overseas mortgage providers will have to do is advertise what they are offering to attract attention.
Any firms marketing foreign deals on properties would be wise to play on the overseas climate as a major selling point, since Barclay's thinks that this year's bad weather in the UK has led to customers being fed up in this country.
Barclays' overseas property specialists Barclays Buying Abroad, which operates in Spain, France, Portugal and Italy, has seen enquiries increase from 9,000 to 18,000 from 2006 to 2007 over the same six 'warmer' months.
On top of this, prices abroad should be a major selling point, as even when it cools slightly, the housing market in the UK has grossly inflated prices.
Richard Exton, director of Barclays Buying Abroad, said: "Brits are familiar with the idea that we only have two seasons: the winter and July. It seems that this year, with the terrible weather we have experienced in July and throughout the summer many people are not prepared to sit through a 12-month winter and are looking for a getaway to sunnier climates."
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