Halifax: Spain not just for retiring buyers

The Spanish arm of Halifax's property lending arm, Banco Halifax Hispania, claims that buying property abroad, particularly in Spain, is no longer the preserve of the older generation as they approach retirement.

Around five per cent of Britons surveyed owned a home abroad and half of these respondents were under the age of 35.

One in every five owners of property abroad was under 25, while only four per cent were above retirement age.

Ian Smith, head of European operations at Halifax, said: "It has long been assumed that only the older generation is buying property in Spain, but this is far from the case, as it is also proving to be a popular location amongst younger age groups.

"Spain is an ideal destination to set up a second home as British people can benefit from shorter, more frequent trips to their property at affordable prices."