British Holiday Home Sales Heat Up
British holiday home sales heat up as the falling pound leaves homes in Europe more expensive
The Prime Minister will trigger Article 50 today – and thus start the countdown to Britain’s exit from the EU. Forecasters predict it will cause the pound to fall again, with the pound having already fallen 10 per cent against the euro since the referendum.
While it is bad news for those taking holidays abroad, it is good news for those spending breaks in the UK, particularly those who want to invest in holiday homes. Those who might have previously bought such properties in Europe are now finding it cheaper to do so here, leading to a surge in demand that will then push up prices.
“We are seeing spikes in sales of homes for both holidays and full-time residential use,” says Paul Skillen, sales and marketing director of Countrywide Park Homes. He adds that while the exchange rate has made buying such properties in Britain comparatively more attractive than before, increasing prices in the Spanish property market in the past 18 months have led to people who had been looking abroad turning their eyes back towards home.
Recent announcements by some of the UK’s major holiday park operators for significant investment in 2017 plus the arrival of city based investment companies into the market, point towards a robust year for the UK holiday home industry.
