CONAPEPANAMA

A slow down of Brits buying abroad happened in the early 90’s when recession hit the country, but overall the pace of number of people buying a home and often buying a business too has been relentless.

Confidence is low – unemployment in the UK is expected to hit 3 million before it peaks, and people with some money who might ordinarily have considered buying a property abroad are often keeping it in assets where the money is easily accessible – something it’s not when tied up in a property during a recession.

And of course the financial infrastructure that supported the British buying homes and businesses in Spain and her islands is in full retreat. The banks who were lending money readily to Brits moving abroad aren’t lending much, and many of them have been bailed out with taxpayers’ money – overall a dismal picture of a once flourishing overseas property market.

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