Buying a property

Unfortunately , once the furlough ends in the UK property prices may well drop there too . If people lose jobs etc , there will be less money for UK residents to spend abroad , add to that the recession likely in Spain and you`re more than likely correct , prices must surely fall . I know it`s not nice for those who have a property to sell , but if you happen to be in a position to buy it wouldnt make sense to buy just before any slump. 

Hi, 

First why have you been looking for 9 months, have you actually seen the properties or just on the internet?

The reason I ask is i used to sell properties on inspection trips back in the early 2000's and after  in Italy and Hungary, many people came over and bought on a whim, I actually stopped many people buying  because I believed they were just looking and hoping to live a dream. (I lost sales).

You have to take into consideration of where you are buying, community charges, what has it really got to offer you? besides a different climate?

Wont say much more you will have many people responding and I am sure disagreeing with what I have said, but I know of some regular posters on here that say they love living on an urbanisation with a golf course ect, but have had their property on the market for a long time and have bought in a smaller property in a different area, without golf course but nearer to other facilities.

Sorry bit long winded but it is your money you are wanting to spend, and have seen so many lovely people lose the dream.

Kind regards

Ed (Englishman been living in Spain for over 20 years)

'My thoughts', DON'T BUY YET!  If you are in a position to wait that is, keeping in mind Brexit and your capability or not to continue without any resulting travel restrictions. It's a gamble?    Are you about to buy just before a price drop as previously stated? 

On the other side of the coin, prices may increase as near to the norm as can be, it's still very buoyant in UK and Ireland against the odds.  Me, I'm waiting it out. Good luck.

Hi Eduardo 

I have been looking on line and emailing estate agents . I have had to cancel my trips out due to Covid . I have my heart set on La Torre and have a friend who has a property there . I am on face book groups for the resort and am reading up about the resort too .i will sit it out and be sensible though  . As I will probably regret it otherwise !

Thankyou for your advice 👍🏻

Matt 

We looked at a lot of golf resorts in the area and la torre has the most facilities in terms of bars,shopping, dining etc. 

we were just about to buy and COVID kicked off so we’re now waiting. 
the UK market is artificial at the moment - some pent up demand, some spurred in by stamp duty changes etc but there is trouble coming. Redundancies, unemployment and tax rises. 

It’s impossible to guess the market in Spain. Properties on la torre are already one third of what they sold new - how far can they fall?

Not all buyers are british but every European country has been hit so I can’t see people queuing up to buy any time soon. 

I’d wait it out - it’s what we’ve decided to do. 

Hi 

Thankyou for the reply . I had no idea property had fallen that much in value on La Torre either ! I will most likely like yourself wait .

Matt 

There had appeared to be an increase in prices for certain properties in certain areas at the start of the year as people rushed to permanently move to Spain pre- the finalisation of Brexit, when certain residency criteria are likely to change.

6 months of Covid, with the associated restrictions on travel has undoubtedly damaged many businesses and I would expect that the volume of sales being completed will have dipped significantly. Similarly in the UK, house completions reduced by 90%, but are now starting to recover.

Markets don't like uncertainty, so post-Covid (whenever that is) and after Brexit is finally sorted (-ish) then at least people will know where they stand, so the market should correct. If you're looking to buy as a holiday home, then you're probably in a good position to wait. If, however, you're looking to sell up in the UK and move permanently to Spain, there's a risk that house prices may depress a little in the UK as another post says - furlough will unfortunately become unemployment for some; travel, high street shopping & hospitality industries will take a long time to recover.

Ultimately, a house is worth what you're prepared to pay for it. Whether you paid too much or got a bargain is only realised if / when you come to try to sell it - which I assume would be in many years time and I doubt anyone can forecast that far ahead!