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    Default Property price fall lures investors to Europe

    Sharp price falls in European property hotspots and a gradual strengthening of the pound are luring cash-rich UK investors back to the continental mainland just in time for summer.

    Foreign exchange providers and estate agents are reporting revived interest from cash-rich Britons looking to snap up holiday homes in popular locations across France, Spain, Italy and Portugal.

    Meanwhile Conti Financial Services, an overseas mortgage provider, has seen inquiries jump 20 per cent in the past few weeks.

    The burst of activity follows months of subdued sales as British buyers have been reluctant to pump money into mainland Europe with the pound falling to virtual parity with the euro. It also reverses the recent trend of continental European buyers piling into the UK market as the exchange rate for them is so favourable.

    Currencies Direct, a foreign exchange provider, said the number of UK-based clients buying euros to purchase properties in mainland Europe had risen to double last year’s figure.

    “We have seen a dramatic increase in the amount of money entering the international property market in the last few weeks,” said Mark O’Sullivan, the group’s director of dealing.

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