Wealthy buyers shun UK homes

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Investec Private Bank today reported a "significant increase" in demand for
£1 million-plus mortgages from clients looking to buy properties overseas.

This year has seen particular interest in properties worth more than 3 million in prime areas of Italy and southern France, with Spain falling out of favour because of problems in its market.

Investec's Andrew Arnott said: "Many high net worth individuals are increasingly looking to purchase overseas properties, as they see them as representing a better investment opportunity.

"We have seen a lot of High Street lenders withdraw from the £1 million-plus mortgage market but people buying abroad still like to deal with a bank in the UK.

"The majority of our clients purchasing a property abroad are looking for a second home, but investment potential is at the forefront of any decision."