Our low cost love affair with Spain
The continuing popularity of Spain as a destination for British people buying property in Europe is being fueled by the ever increasing availability of low-cost flights, according to Banco Halifax Hispania.
Buying property abroad is an increasingly popular investment among British people. Spurred on by the recent crop of property programmes and magazines, Brits are looking to purchase homes abroad whether as holiday homes or straightforward investments. Recent research from YouGov found that 50% of 18 to 29 year olds plan to buy property aboard.
And out of all the possible foreign locations, Spain remains the most popular destination for British people buying overseas property. According to the Official Social Trends Report Spain accounts for 27% of all Britons' second homes abroad. The report also found that Britons' spending on properties overseas has increased by 45% in the last four years.
What's more, it isn't just Brits who have succumbed to Spain's allure. According to the Spanish Ministry of Tourism, 1 million foreigners are expected to set up home on the Spanish coast within the next six years. This figure is expected to treble by 2025.
The demand from British people for property in Spain has been fuelled by the increasing availability of low rate Euro mortgages and the boom in low-cost, budget airlines, according to Banco Halifax Hispania, the Spanish arm of Halifax, the UK's largest lender.
Just popping out to Spain, will be back soon...
Research from OAG has shown that the number of low-cost flights to and from Spain is up 25% on last year, while low-cost operators within Spain have increased by 160%. This growth in low-cost, budget airlines has not only opened up Spain's sun, sea and sand to the independent traveller, but has also driven the development of new, regional airports.
According to the Civil Aviation Authority (CAA), passenger numbers from UK airports increased to 217m in 2004, an 8% increase on 2003's figures. In addition, regional airports have seen passenger figures triple from 1987 to 2005 and saw 9% growth in 2004 alone, increasing to 88m passengers.
The highest growth in regional airports has been in Newcastle, which experienced a 21% increase of 0.8m passengers, followed by Bristol at 19% (0.7m) and Leeds Bradford airport at 17% (0.4m). In addition, flights to Spain from the UK increased by 4% (1.2m) in 2004, compared to 2003.
With daily, low-cost flights leaving to Spain from numerous, national and regional airports across the UK, British people can now benefit from shorter, more frequent, affordable trips to Spain, traveling from places close to home. Research from Euromonitor's 'Travel and Tourism in Spain' report, reported that one to three day breaks are the fastest growing type of holiday in Spain, accounting for 37% of all trips in 2004.
Ian Smith, head of European operations at Halifax said: "Flying to Spain is often quicker and cheaper than rail travel from the larger UK cities to London. The low-cost airlines mean that people can have shorter, more frequent trips to Spain, traveling from places close to home.
The continuing popularity of Spain as a destination for British people buying property in Europe is being fueled by the ever increasing availability of low-cost flights, according to Banco Halifax Hispania.
Buying property abroad is an increasingly popular investment among British people. Spurred on by the recent crop of property programmes and magazines, Brits are looking to purchase homes abroad whether as holiday homes or straightforward investments. Recent research from YouGov found that 50% of 18 to 29 year olds plan to buy property aboard.
And out of all the possible foreign locations, Spain remains the most popular destination for British people buying overseas property. According to the Official Social Trends Report Spain accounts for 27% of all Britons' second homes abroad. The report also found that Britons' spending on properties overseas has increased by 45% in the last four years.
What's more, it isn't just Brits who have succumbed to Spain's allure. According to the Spanish Ministry of Tourism, 1 million foreigners are expected to set up home on the Spanish coast within the next six years. This figure is expected to treble by 2025.
The demand from British people for property in Spain has been fuelled by the increasing availability of low rate Euro mortgages and the boom in low-cost, budget airlines, according to Banco Halifax Hispania, the Spanish arm of Halifax, the UK's largest lender.
Just popping out to Spain, will be back soon...
Research from OAG has shown that the number of low-cost flights to and from Spain is up 25% on last year, while low-cost operators within Spain have increased by 160%. This growth in low-cost, budget airlines has not only opened up Spain's sun, sea and sand to the independent traveller, but has also driven the development of new, regional airports.
According to the Civil Aviation Authority (CAA), passenger numbers from UK airports increased to 217m in 2004, an 8% increase on 2003's figures. In addition, regional airports have seen passenger figures triple from 1987 to 2005 and saw 9% growth in 2004 alone, increasing to 88m passengers.
The highest growth in regional airports has been in Newcastle, which experienced a 21% increase of 0.8m passengers, followed by Bristol at 19% (0.7m) and Leeds Bradford airport at 17% (0.4m). In addition, flights to Spain from the UK increased by 4% (1.2m) in 2004, compared to 2003.
With daily, low-cost flights leaving to Spain from numerous, national and regional airports across the UK, British people can now benefit from shorter, more frequent, affordable trips to Spain, traveling from places close to home. Research from Euromonitor's 'Travel and Tourism in Spain' report, reported that one to three day breaks are the fastest growing type of holiday in Spain, accounting for 37% of all trips in 2004.
Ian Smith, head of European operations at Halifax said: "Flying to Spain is often quicker and cheaper than rail travel from the larger UK cities to London. The low-cost airlines mean that people can have shorter, more frequent trips to Spain, traveling from places close to home.
posted by tony at 4:27 PM
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