Overseas property searches dropped steeply in September, figures indicate

Overall foreign property searches fell 17% in September month as the annual seasonal decline seems to have started early, according to the latest report from Rightmove Overseas.
 
Greece has seen the steepest fall in interest, down 24.46% while the US saw a decline of 22.5% and Australia was down 21.83%, the report also shows.
 
Italy saw the lowest decline of in the top five countries and Tenerife was the top climber this in September, going up 20 places in the ranking chart and recording a rise in searched of 3.79%.
 
‘The expected seasonal drop off in activity as year end approaches kicked in sharply last month with overall search activity down 17%. August is always strong for research activity as people return from summer holidays resolving to buy a more permanent base where they enjoyed spending time abroad,’ explained Robin Wilson, Head of Overseas at Rightmove .
 
‘After the storming August we saw, it’s a back to earth with a bump as users put the brakes on search activity. Good news is the month on month decline this year wasn’t as sharp as last year’s, indicating resolve and sentiment is much improved. Once again, traditional lifestyle destinations are resisting the trend best, led by Italy down only 14%. Sardinia, Puglia and Lazio all performed strongly, barely seeing any decline in searches,’ he said.
 
‘Outside the top ten search destinations, Ireland and Austria both recorded minimal drops, great results for destinations not immediately on most people’s radar, but strongly reflective of their overlooked status. Austria in particular may continue to perform strongly as the winter season approaches and it picks up the winter sports crowd,’ he added.
 
In addition to seasonal effects, the decline in searches for overseas property could also be due to the weakening of Sterling throughout September against most major currencies, according to David Kerns, private client dealing manager at Moneycorp.
 
‘Against the Euro, the rate fell from €1.21 at the start of the month to €1.15 by the end which would have made property across most of Europe less attractive for UK buyers. The large drop in interest in Australian property could also be due to the Pound weakening against the Australian Dollar, which fell from $1.71 at the start of September to $1.62, which was its lowest point since May,’ he said.
 
‘We’ve seen a 20.6% increase in demand for overseas property related enquiries between August and September. Fluctuating exchange rates and the importance of discussing these movements with a specialist are of increasing concern for individuals buying property abroad,’ he added.