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Overseas property? Money goes furthest in the US

28/09/2023

Anybody considering a quick home sale and moving abroad will see their money go furthest in the US, according to the results of a report by HSBC. The building society found that a four-bedroom house with a private swimming pool and a large garden can be had for just £125,000 in Orlando, Florida - or those with a bit more cash to splash can get a six-bedroom home for £400,000.

The report, which examined purchasing power in various countries, also found that Costa Blanca in Spain has some particularly tempting bargains, including a three-bedroom house for £125,000 - compare that to the Swiss Alps, where the same amount will only buy a one-bedroom studio apartment.

Many of the countries listed in the top ten were in the eurozone, where sterling has strengthened by six per cent since March this year. Turkey was number three on the list, partly due to the country’s low post-purchase costs.

“There is a huge discrepancy in the size of property that UK buyers can purchase on the same budget in some of the most popular overseas locations for second homes,” said James Yerkess, HSBC head of FX. “This is a combined result of foreign exchange rates, tax levels and the strength of the property market.”

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