Britons 'clueless' on overseas property laws
Friday, 06 Jul 2007 08:22
Britons oblivious to foreign planning regulations
Britons considering buying a second home abroad are largely oblivious of the local housing laws that would affect them, a survey has shown.
New research claims that 51 per cent of 35- to 44-year-olds would not consider local planning regulations when in the market for an overseas property.
Foreign Currency Direct, which carried out today's survey, says that potential second-home buyers are more concerned with how far their new property is from the beach and the local weather.
Of the 2,315 people quizzed 39 per cent said they were unconcerned with property taxes in Portugal or Spain, with how convenient airport access is and potential neighbours considered more important questions to bear in mind.
Peter Ellis, chief executive officer of Foreign Currency Direct, commented: "Property taxes and local laws should not be ignored and it is extremely important for people to consider all factors when buying property abroad."
But today's survey also showed that 18- to 34-year-olds regard closely checking currency exchange rates as the most important consideration when buying a second home overseas.