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Spain remains the most popular relocation destination for Brits, but it is not only those heading for retirement who have their sights set on a place in the sun. According to new research from Banco Halifax Hispania, Spain was voted the most popular European destination for overseas- living by Britons. Of those surveyed, nearly seven out of ten people who expressed a desire to live in Spain were under the age of 55 with just 14% over the age of 65 years.
Ian Smith, head of European Operations at Halifax plc, said: "It has long been assumed that only the older generation is buying property in Spain, but this is far from the case, as it is also proving to be a popular location amongst younger age groups. Spain is an ideal destination to set up a second home as British people can benefit from shorter, more frequent trips to their property at affordable prices."
A recent survey conducted by UCB Home Loans in the UK revealed that one third of all first time buyers plan to make their very first property purchase abroad. These statistics highlight the lack of property affordability in the UK and the increasingly strong desire felt by many Britons to expatriate and seek a new life abroad. The findings reveal that first time buyers in the UK are still struggling to get onto the first rung of the property ladder despite a recent slow down in property price increases.
One third of the 16-21 year-olds surveyed felt that buying property abroad would allow them to get onto the property ladder sooner and start a new life overseas at the same time. Driven by dissatisfaction with long working hours, higher costs of living and increased crime rates in the UK, the younger generation are now apparently planning to skip establishing a career in the UK and head straight overseas to begin their working life in a more affordable destination.
