British homebuyers purchased 10,178 Spanish properties during 2018, this represents growth of 12% and a return to pre-brexit referendum figures, breaking the previous record of 10,156 home purchases in 2016.
Despite a fall in British buyer numbers in 2017 following the referendum vote, it appears that Brexit fears have been overtaken by Brits desire to own a home under the Spanish sun as buyers returned in record numbers last year.
The two quarters immediately following the referendum saw significant falls in British buyers of Spanish property, as much as -28% in the final quarter of 2016, however sales then began to recover with double digit growth recorded in almost every quarter last year.
The recovery in British demand for Spanish property has seen the UK’s share of the foreign property market grow steadily from a 14% low in the first quarter of 2017 to 17% at the end of 2018, still not at the levels reached prior to the referendum, however this is due to increased foreign demand from other countries.
Currency concerns played a major factor in the drop in British demand as sterling weakened following the brexit referendum, but as the pound stabilised at a lower level, demand also stabilised before beginning to grow again. Rather than abandoning their dreams of purchasing homes in Spain, many buyers simply adjusted their budgets.
According to reports, since the news that the Spanish Government plans to safeguard the rights of British people living in Spain there has been a dramatic increase in enquiries from the UK, however it is unlikely that we will see a large change in sales until the Brexit terms are finalised.