February newsletter

2018 was the best year for renters for a decade

After a decade of increasing rental prices, 2018 bucked the trend and was the first year since the global financial crisis of 2008 to record a decrease in average rents – great news for renters across the country. Data and analysis produced by The Deposit Protections Service (DPS), a government-backed group that supervises tenancy deposits, showed that the average rent fell by £9 (1.17%) to £765 per month. With wages increasing by 2.83% on average throughout 2018, renters should be finding their properties even more affordable thanks to the confluence of increasing wages and decreasing rents.

The data showed that the average percentage of wages spent on rent dropped to 31%, according to the DPS Rent Index. Of course, this changes regionally with London continuing to have the most expensive rents in the UK at £1,924 pcm, 69% above the national average, and the North East the most affordable at £529 pcm. These differing rents must also be noted in the context of differing wages – with the average London wage more than £10,000 higher than the national average income of £28,677.

Julian Foster of Computershare Investor Services, which produced the annual report for DPS, had this to say on the analysis produced: “This first drop in average annual rents for almost 10 years is good news for UK renters, especially if wages continue to climb in 2019.”

This fall in rent had certainly not been forecast, in fact quite the opposite had been expected following new higher taxes on mortgaged buy-to-let properties. With the Tenants Fee Bill also due to be passed in to law in the summer of 2019, renters could find themselves having to pay even less in terms of rental fees and penalties. This heady combination could signal a much more affordable, and therefore fluid, rental market in the UK with more people able to save for a deposit to buy their own property whilst renting, and others able to afford to move out from living with family and rent their own property.

In terms of the property market, 2018 proved to be an exceedingly interesting year, with political instability unable to shake the market to the extent previously predicted. During this relatively stable period for the housing market, wage growth rose at its fastest rate since 2008, with inflation simultaneously dropping to 2.1%. Naturally, this is welcome news for renters who should find themselves with slightly more disposal income than was previously the case – great news for the economy as a whole and for the property market.

A basic guide to decorating

Flick through the pages of any magazine these days or scroll through the popular Pinterest app and you’re likely to see endless images of chic properties with timeless décor. For those of us that are blessed to be able to colour-match and accessorise effortlessly, this is an entirely attainable vision; however, for the rest of us who are a little more challenged in the decorating department, it can be tough to know where to start. Read through our basic guide to decorating and we will provide you with some guidelines which are sure to help you turn your home in to a real page-turner.

Start scheming

So, you have decided to revamp a room, you’re excited and you just want to get the paint brushes out but hold on…you need to take a moment and think about what you really want! Taking a moment or two to plan will help to ensure that the effort you’re going to is really worth it, and having an overall concept will hold all of the interior elements together. Ask yourself what you like and dislike about the room currently and how you want the room to feel - cool and trendy or warm and welcoming? These simple questions will help you to focus in on how you’d like the end result to be and using apps such as Pinterest or Instagram will help you to decide on overall concepts. Creating a mood board for the room will help to streamline your ideas and will serve as a reference throughout the entire decorating process.

Stay in neutral

It may seem like a safe or unimaginative option, but neutrals are timeless when it comes to decorating. When you have a neutral palette to work with, you can layer colours and textures on top of the basic colour scheme in order to achieve your desired look. With new trends popping up seemingly every other day, having a neutral colour scheme allows you to easily change the feel of your room simply by updating the accessories and soft furnishings. You can also add in vibrant pops of colour to lift your room when using a more neutral scheme, with accent pieces such as side tables and upholstery offering some interest in to your colour palette.

Softly, softly

Soft furnishings can put the va va voom in to your room! Having strong accent pieces, as well as coordinated soft furnishings such as curtains, throws, pillows and rugs create a more coherent and cohesive atmosphere in a room. Rotating which soft furnishings you have in your room seasonally works really well to make your room feel up-to-date and contemporary; for example, using a blue rug and pops of yellow during the longer winter months, or some glittery cushions for the festive period. These pops of colour and print will have the desired outcome of a tasteful and chic room.

Simplify

Don’t be scared to leave spaces empty in your room. Horror vacui, a fear of empty spaces, is evident in so much of today’s culture with a tendency to want to display all of our knick-knacks throughout our homes. When you have gone to the effort to stylishly decorate your room, don’t ruin the hard work by then adding in too many objects; instead, let your decorating do the talking for you. If you want to display some of your own items, then ensure to group them and use the rule of thirds; group three objects together in a display rather than two. Groupings of objects which vary in heights, shapes and textures but are related to one another are the most effective for displays; for example, grouping three candles which are different heights but are the same colour.

When renovating a room, it is easy to feel overwhelmed, which is frequently why we shy away from decorating. However, we would recommend taking your time, planning your renovations carefully with a budget and enjoying the process – updating your home will add value to your property, after all, as well as giving you a beautiful home to relax in after a tough day at work.

Buyers rush to beat  Brexit

Research from chartered surveyor e.surv has shown that mortgage approvals reached a peak of 66,390 in December of last year, which amounts to a 7.8% annual increase. This seasonal rise has led to claims that there is a pre-Brexit rush to purchase property, and that the political uncertainty arising from the imminent break with Europe is actually fuelling current demand in the property market.

Commenting on the figures, Richard Pike, sales and marketing director for Phoebus Software, said:

“It is hard to talk about anything at the moment without mentioning the ‘Brexit’ word: it is all-consuming and there is little doubt that it continues to affect the housing market.

“The fact that house purchase approvals were up in December suggests that people are planning ahead and making their move before the March deadline. Interestingly the number of remortgage approvals took a dip compared to the same month in 2017, which bucks the trend throughout the rest of the year.”

“Nonetheless, I would expect it to be the remortgage sector that will be keeping the mortgage market going in the coming months, as we wait to see how our exit from the EU pans out.”

Throughout the year, types of mortgage being approved also reflected the influx of first-time buyers in the property market, with mortgage products offering loans at 95% of a property’s value increasing in popularity.

Data showed that over a quarter of mortgages approved in December were taken out by borrowers with a small deposit (less than 20%), and this was also the case in November. A key step-change in property has been the introduction of government schemes in order to alleviate the headache of saving for a deposit, and these statistics show that this is having some success in the marketplace.

Tony Sutton, managing director of mortgage brokerage group Specialist Financial Services, said lenders have become more competitive as they seek to protect their market share.

Mr Sutton said: "There is a wider choice of products available, serving a broader range of people with more sensible underwriting decisions.
"Lenders are trying to maintain market share and have increased the terms they are willing to offer."

Such an increase in mortgage offerings has clearly made the process of gaining a mortgage easier than ever before – with some lenders even offering 100% mortgages on properties in an effort to maintain their place in the marketplace. With more options available offering more flexibility, it is no wonder that mortgage approvals have increased, which bodes well for the year ahead for property.

First-time buyer's guide to making an offer

If you’re a first-time buyer and have begun the hunt for your first home, you may think that once you’ve found the right one you simply offer what they ask for; job done! However, when it comes to making an offer on a home, there’s a bit more work that should go into it than simply offering the price advertised.

You need to be confident when making an offer that you’re not going to be stung by an inflated asking price or take yourself out of the running by offering too low. To help you prepare, we’ve put together the following information to help you through this stage of the home buying process.

Get some advice

The first step and arguably most important step you need to take is speaking to an expert. If you’re a first-time buyer, then you probably don’t have a wealth of knowledge on how the market works and what you can and can’t afford. Get in touch with a mortgage advisor, get informed on how it all works and more importantly, find out what your price range is so when you do make a formal offer you can do so with confidence.

Research the local market

Once you know how much you’ll be able to spend, it’s time to get a better understanding of your local market. The more research the better. Take a look at what’s up for sale and find out what your budget will get you in each area.

Build a list of key features that your home will need, such as the number of bedrooms or a driveway. The chances of you moving into your dream property with your first move are somewhat slim; however, it’s important that you know what you’re looking for and how much it will cost you in each area.

It would be wise at this point to get in touch with a local estate agent. You can do as much research as possible, but a good local agent will always be a benefit as they will know the market like the back of their hand. This means that they can fill you in on what to expect from vendors and hopefully help you avoid any pitfalls.

Get out there and book some viewings

Now that you’ve done your research on what you want, what you can afford and what the market has to offer, it’s time to book some viewings and get out there. Things can move very quickly in the property market, so your previous work and research leading up to this point will come in handy as there’ll be no time wasted travelling to unsuitable areas or over-priced properties.

While viewing properties, be sure to check out the building's structure and not just its décor. Check for any damage such as cracks in walls or damp. Make sure you understand exactly what you’re getting into and have a good idea of the current state of the home as it can help form your offer.

When you find the right home, be ready to act!

If you’ve managed to find the right home, then it would be best to act quickly as there’s a good chance you’re not the only one eyeing up that house. If you’re ready to make an offer, consider a few things before doing so. How much do other similar properties go for in the area? Does the property need some repairs? Have house prices dropped slightly since the home was first put on the market? We’d all love to knock a few thousand off the asking price, but the seller isn’t going to make such a concession easily, so if your offer is lower than the asking price, you’ll need to demonstrate why.

The Final Steps

Now before you finally put your offer on the table, try and organise all the other pieces of the puzzle beforehand so you are ready to go as soon as it’s accepted. If you’re a first-time buyer then one of your major benefits is that you don’t have to organise selling your own home, but if you can organise such things as surveys and solicitors then it’ll make the process much smoother.

Housing supply and demand both up

If you’re of the mindset that the property market is in the midst of a period of difficulty, then the latest figures from the National Association of Estate Agents (NAEA) will surely change your mind, with both the supply of housing and the demand for housing at increased levels proving the market’s current health.

The NAEA Propertymark’s latest figures have shown that the supply of available housing increased by 20% in December. The number of properties reached the highest level for December since 2014, with housing supply per branch increasing to 42 – an increase from 35 per branch in November. Simultaneously, the number of house hunters also increased by 8% in December, with overall demand up 13% year-on-year.
Mark Hayward, chief executive at NAEA Propertymark, said: “This month’s findings prove that despite the current political climate, people still want to move. There is movement in the market with demand from house hunters up 13% year-on-year, and the supply of available properties also rising. Although the number of sales agreed hit a 12-month low, this is something we always see in December, with Christmas festivities typically taking priority over any plans to buy or sell.

“While many are adopting a ‘wait and see’ strategy until there’s further clarity over what Brexit might mean for the market, there is choice for those who want to buy now, and there are people on the market looking for new homes.”

First-time buyer sales also showed an increase in December, with the number of properties sold to the group increasing to 24%. With first-time buyers integral to the health of the property market, rising statistics in terms of their buying potential is always a good indicator towards the viability of the market.

As we move further in to 2019, it is difficult to predict whether the health of the market will remain consistent in the face of political instability and the financial effects of this lack of consistency. On the other hand, there are other macroeconomic conditions which are favourable for the health of property across the country, such as historically low interest rates and the relative ease to obtain mortgage credit. These conditions mean that more people than ever are in a position to take out a mortgage and purchase a property, with schemes also available to alleviate the trouble which some find in saving for a deposit, and this increased demand should shore up the market even after Brexit has (or indeed, hasn’t) taken place.

How do you save for a house deposit?

For most of us, the most expensive thing that we ever purchase will be a property, and the prospect of saving for that all-important deposit can be rather daunting. However, the key to saving for that lump sum is simply good financial preparation and making a few changes to your outgoings which should reap big rewards. Take a look through our handy hints and tips and you’ll be in that new home in no time.

Speak to an expert

If you have made the decision that you are ready to buy a property, then an excellent first point-of-call would be to speak to an expert, be that a financial planner, mortgage advisor or a savings expert in your bank. It is important to get a detailed overview of your personal finances and speaking to an industry expert will provide you with tailored advice which suits your lifestyle, as well as being given some proven strategies to help you to save. Whether you’re a saver or a spender, it is important to get in to the right mindset to save and starting the process by speaking to an expert is a sensible first step.

Make a move

With the cost of renting often leaving many with little money to save for a deposit, making a temporary move can be a key factor in achieving a sufficient deposit. More and more people are moving back in with their parents for a period of 6 to 12 months; often paying no rent and economising through saving on laundry and food costs. If living with your parents is a truly unbearable prospect, then finding a lodger to live with you will also aid you in that all-important quest for a deposit.

Know your options

Did you know that you could buy a property with just a 5% deposit? Knowing what schemes and grants are out there will most certainly help you to achieve a house deposit. The Help-to-Buy shared equity scheme allows you to purchase a home with as little as 5% deposit and the government or developer (this is available for new homes only) lends you the rest of the deposit. Shared ownership schemes involve purchasing part of a property and then renting the rest, and although you would still need a deposit to get a mortgage for the part of the property you are buying, the deposit would be considerably lower; for example, to get a 90% mortgage on a 50% share of a £150,00 property, you would need only £7,500 for the deposit.

Make your savings work harder

Naturally, any changes you make will have one similar goal – to help you in saving more money more quickly and making these savings work for you should be a top priority. Open an ISA and use your yearly cash allowance so you don’t pay unnecessary tax; there is also a Help-to-Buy ISA from the government where for each £1 you save the government will give you 25p. If you don’t already have one, open a savings account and save what you can, even if you think the amounts you are saving are inconsequential, they will soon amount to a worthwhile value. Shop around and see which bank offers the best interest rate on your savings, don’t just take one out with your current banking provider as finding a good interest rate could go a big way to helping you reach your goal faster.

Saving for a deposit can seem like a tall order, so making some sound financial decisions will be the key in to being approved for a mortgage and taking a step on to the property market. Get yourself into the right mindset where you are aware of why you are making some financial changes, remember that they are all short-term, and you’ll see those savings growing faster than you could have ever hoped.

"Recession-proof" student housing a good investment

Student accommodation has long been touted as a so-called “safe” investment. However, a recent study published by student housing research specialist StudentMarketing suggests that student accommodation has reached the point of being a ‘crisis-resilient’ asset class which is now ranked fourth in terms of development and investment goals by over 200 investment managers. With student accommodation in huge demand both in the UK and further afield in Europe, there is certainly a surplus in demand for rooms, and therefore if you’re looking to shore up your finances in 2019 it is certainly a wise investment.

With financial challenges facing universities throughout the United Kingdom and the Augar Review looming large on the horizon of post-18 education providers in terms of tuition fees, student accommodation has never been more important. It has been forecast that throughout 2019, a minimum of 29,000 extra purpose-built student rooms will be delivered – comparable to the population of Gibraltar.

Underpinning the fiscal viability of student property, 2018 saw an influx of foreign capital entering the UK student accommodation market, especially from Southeast Asia. One of the largest deals that took place in 2018 included Singapore Press Holding’s acquisition of Unite’s Mayflower portfolio for £180m, and internal investment coming from the likes of Arlington Advisors, based in St James’s, teaming up with Equitrix to invest £280m.

As an asset class, student accommodation offers a stable and steady income stream, as students have regimented study schedules and there remains an oversubscription to British universities. Furthermore, when compared with more established investments such as offices, purpose-built student accommodation (PBSA) the year-on-year growth is impressive:

Value of UK PBSA sector

2014 £30,900,000,000
2015 £39,200,000,000
2016 £42,500,000,000
2017 £45,800,000,000
2018 £50,500,000,000
2019 (predicted) £53,200,000,000

With both foreign and national investors vying for a place in the PBSA market, it is evident that there are still a plethora of opportunities when it comes to property investment – all you need to do is think outside of traditional boundaries.

Revealed: The best places to live in the UK

Ever wondered how your local area stacks up against the rest of the country when it comes to quality of life? Well, Halifax have done the hard work for you and revealed which area in the country deserves the title of the best place to live in the United Kingdom as decided by their annual Quality of Life survey.

Having been close to the top of the table for the last two years running, the Orkney Islands, located at the very top of Scotland has taken this year’s crown. The decision is made based on a range of criteria, including housing, education, opportunities for work, health and how the residents of that particular area feel about the place that they call home. Orkney fared particularly well in all aspects, as you can imagine, with a low crime rate and strong exam results to boot.

The entirety of the top five this year is located above the capital or in the North, with a shift away from locations in the South East and West in the very top tier. This is down to better housing affordability, less crime and quieter roads as compared with the South of England.
The survey’s top ten is as follows:

1. Orkney, Scotland
2. Richmondshire, Yorkshire and the Humber
3. Rutland, East Midlands
4. Hambleton, Yorkshire and the Humber
5. Eden, North West
6. South Oxfordshire, South East
7. Cotswold, South West
8. Ryedale, Yorkshire and the Humber
9. St Albans, East of England
10. Derbyshire Dales, East Midlands

Managing director of Halifax, Russell Galley, offered the following: "Orkney has consistently been considered one of the best places to live in the UK and Orcadians will be delighted to hear they have now taken the crown.

"Its remote location may not be for everyone, but this comes with the benefit of having high employment, low crime rates, smaller class sizes and more affordable housing.

"While the South East continues to have the most locations in the top 50, we've seen northern areas perform particularly well on education, while they also benefit from lower house prices when compared to average earnings."

To view the top 50 and find out if your area has a spot in the prestigious list, click here!

Should landlords consider allowing pets?

Britain is without doubt a nation that loves its pets, and the pet population continues to grow; homeowners around the country have brought many types of animal into their home, from dogs and cats to birds and hamsters.

Given that the latest data suggests that 45% of British residents own a pet of some description, it’s surprising that the stance from landlords on pets in rented accommodation seems to have remained unchanged.

There are some understandable reasons behind that, of course; even the most well-behaved pets can have their accidents and depending on how responsible the owner is, they can be quite destructive.

However, a new study conducted by LSL Corporate Client Department surveyed over 3,200 people throughout the UK on pets in rented accommodation has revealed that it may be time for landlords to make some exceptions.

This survey asked its participants if and just how much they would be willing to pay to have a furry friend in the place that they are renting and the answers suggested that landlords could be missing out on some extra income, should they wish to be flexible.

31% of the 18-35-year olds surveyed are willing to pay more for their pet and would offer £25.55 extra a month on average for the privilege. This could mean as much as an average of £300 extra annual profit, so could landlords be persuaded to allow pets, providing that a deal is structured to cover the potential cost of any damages?

Elsewhere, some differences seen between male and female tenants were thrown up, with 31% of women prepared to pay more in comparison to the 23% of men willing to do the same.

Whilst the rented sector may be hesitant to adopt a more flexible approach, there has already been some movement in this direction from the build to rent sector; some developers are looking to create pet-friendly 1-bedroom units that come with a garden, for example.

“Our research clearly shows that being able to live with a pet is a huge incentive for some tenant,” offered Martyn Alderton, National Lettings Director at Your Move.

“For example, landlords could request a slightly higher deposit, six weeks instead of the usual four, to protect the property. Or, as this research shows, they could consider increasing the monthly rent slightly to cover the cost of any pet-related damage.”

Many believe that there is huge potential for landlords to increase their income by structuring a lettings agreement that allows pets but also works for them. This is an opinion shared by CEO of DogFriendly, Steve Bennet: “One of the most common questions that we receive from dog owners IS Where can they find private landlords who will allow dogs? I know from personal experience that having a dog, or as in my case, dogs, the choice of properties available to my family was severely restricted.

“Accommodation suppliers who welcome dogs tell us that dog owners usually take more care of their rooms and their properties than non-dog owners – so it really is time for landlords to recognise that one in three households own a dog, which is a massive potential market too many landlords are still ignoring”.

What are the top priorities for buyers?

 Good schools, good commuter links and a good kitchen; traditionally, this is what has been considered to be the magic triad of priorities for buyers, however new research has suggested that this is no longer the case. Read on to see what buyers are prioritising whilst on the hunt for a new property…

A poll from a regulated property buyer has shown that a budget supermarket has ousted the school catchment area for one of the top spots in buyer priorities, with almost 40% of those surveyed stating their desire to live within close proximity to an Aldi or Lidl. School catchment areas remain high on the wish list of buyers with 29% saying that they would move home in order to be in a specific catchment area.

The desire for good-value shopping could be linked to the need to economise after purchasing a new property, so it is no surprise that it is the younger generations who rate the budget supermarket highest; some 54% of 18 to 24-year olds want to live near to one. This figure gradually declines to 34% of over 45s sharing the same view.

The outright top spot on buyer priorities, however, is for a scenic view with 44% of people preferring a property with scenic surroundings. Budget supermarkets follow this in second place, and local bars and restaurants come in at third in the wish list of buyers.

“Everyone has their own priorities when moving to a new house, but it’s interesting to see how the overall patterns are changing. Budget supermarkets are definitely growing in popularity, especially among the younger generations, and their presence in a region is now making a place more desirable to live,” said Ross Counsell, director at Good Move.

Once a property move is completed, research also revealed what people first investigate once they have moved to a new area. Public transport links are the first item which people look into with 21% of people researching this immediately, followed by local schools, crime rates and broadband speeds.

What are the top things that will devalue your home?

One of the key things we focus on when we own a home is how to add value to the property and make it more sellable for the future. However, a question which will also help you to achieve your property’s best potential is what are the top things that will devalue your home? Here are some of the key factors that National Association of Estate Agency (NAEA) members have experienced as having a negative impact on property value.

1) It’s all about personality

We all have our own taste and style, or lack thereof and of course the desire to make our homes reflect our personalities is only natural, but personal tastes can become a sticking point when it comes to selling up. Maybe you love a particular football team, or you think that glitter is an absolute necessity in the bathroom, and if that is the case then the NAEA recommends redecorating before taking your home to market. Homes which are decorated in more neutral colours are typically the most saleable as buyers can envisage how their possessions would look in the space.

2) Tip-top or big flop?

If your property is in tip-top condition, then it goes without saying that the value of your home will remain strong – and the desirability factor will certainly come in to play as people like to buy properties which they can move straight into without having to do any work. Not only will the photographs which market your property look better, viewings will certainly go more smoothly if your home is in good condition; having to explain cracks in the wall, single-glazing or peeling wallpaper can be a deal-breaker. Similarly, the basics of ensuring your home is clutter-free, clean and fresh-smelling will all aid in your quest to gain the best possible price for your property.

3) In the deep end

A swimming pool may sound like an attractive feature, and the cultural kudos of having such a feature may seem alluring at first, but the NAEA has shown that a pool is, in fact, a hinderance. With the famed British weather not being particularly conducive to a pool, buyers often see pools as an expense due to their maintenance fees and the volume of space they take up. If you do have a pool that isn’t being used, then it may be a good idea to fill it in and eradicate the potential problem that buyers see when they come across the feature. On the other hand, if your pool is in good condition then selling in summer when it looks its best and buyers can imagine themselves making the most of it could be a positive selling point.

4) Permission granted

Often, increasing the size of your property is a sure-fire way to add value to it, with the extra floorspace also very attractive to buyers. Extensions and additions can become a headache, however, if you do not have the appropriate planning permission and building regulation documents. If you do not have these documents, then prospective buyers will often request for them before agreeing to a sale, meaning you will have to pay for them retrospectively.

5) Knot a good sign

Japanese Knotweed (Fallopia japonica) is a fast-growing invasive weed which is extremely difficult to eradicate, making it quite the nuisance. With its aggressive characteristics, Japanese Knotweed can significantly damage the foundations of a property thereby making it at risk of subsidence and potentially causing thousands of pounds of damage. Due to the difficulty in getting rid of the weed, many buyers would be put-off of a purchase if they were cognisant of its presence in a property.

“The house-moving process is undoubtedly stressful, so it’s important to know what could add value to your home and what might detract or even completely put off potential buyers,” Mark Bentley, president at NAEA Propertymark, commented.

Bentley concluded: “You can ask friends or family for their honest opinions, or your estate agents can help advise on any small changes you may want to make before placing your home on the market.”

Where are the best places to buy abroad?

As the British winter truly sets in and the familiar battles around the thermostat reach peak levels, you would be forgiven for dreaming of warmer climates. Sandy beaches, shining sun and stunning seas sound like the perfect tonic to these cold winter months, don’t they? Read through our guide of the best places to buy property abroad - for investment purposes or for quality of life - and you could turn these dreams in to a reality this year.

Looking for an investment?

If you’re looking to diversify your investments and pour some of your money into another country where price growth is in the midst of a boom, then look no further than Hong Kong. In the last 12 months, property prices have increased by 15.7% in Hong Kong, meaning that if you had made a £100,000 investment, you would have made £15,700 profit in just 12 months – certainly not to be sniffed at.

Closer to home, the archipelago of Malta, in the Mediterranean between Sicily and North Africa, is reaping similar property price growth to Hong Kong. With a 12-month increase of 15.7% in property prices, investing in this small island could reap you big rewards, but move quickly as in the last six months prices have been growing at a slightly slower rate.

Looking for a holiday home?

If you’re looking for a pied-à-terre in the sun, then these are some of the most popular, and most affordable destinations for Brits buying abroad.

Spain

If you’re looking for a new life in the sun, then Spain is the go-to destination for a multitude of reasons; the warmer climate, sandy beaches and ready availability of holiday homes to name just a few. The average property search by Brits looking to buy in sunny Spain centres around the popular locations of Torreviaja, Costa del Sol and the Costa Blanca, with the average search price at £117,131.

France

Just across the English Channel is our nearest neighbour France, and it remains a popular choice for overseas property purchases. The so-called “l’Hexagone” (the Hexagon) due to its roughly hexagonal shape, France is an entirely different proposition to that of Spain. With rolling countryside, mountain ranges and gastronomy renowned around the world, France offers a quality of life which is difficult to rival. In 2018, the average property search price in France was £137,741; however, in many parts of the country you would need a lot less to purchase an appropriate holiday abode.

Portugal

This certainly isn’t the cheapest option if you’re looking for an affordable apartment abroad, but its recent popularity means that it is worth considering. The typical property search price topped £220,000 last year, showing the ready appetite to spend in the country, but also reflecting a growing desire by Brits to take the plunge full-time and move to the country. With extremely agreeable temperatures throughout the year, a laid-back lifestyle and great tax benefits, Portugal could be the right choice for you.

Florida

If Europe is too close to home, then Florida mustn’t be ignored. With sunshine practically all-year round and the advantage of no language barrier, it remains a firm favourite amongst families, as well as those aged 60+ who are drawn to the quality of life on offer. With some of the world’s best golf courses, theme parks, shopping malls and sporting facilities, it is practically impossible to be at a loss for activities in Florida. All of these amenities come at a cost, however, with the average property price search at £385,178 and the most popular areas being Davenport and Kissimmee.