Planning a property purchase in Spain but still not sure where, what or how to buy? Valuable insight from a new survey, based on responses by Brits hunting for a Spanish home, could help you decide…

A recent survey by buying resource Property Guides highlights the key traits of British buyers of Spanish property in 2019, providing a useful tool for house-hunters in the Costas. Use these findings, each based on more than 1,000 responses, to help you shape your own purchase in Spain.

– The Costa Blanca is the number one destination for UK buyers, attracting 42 per cent of all votes. Close behind is the Costa del Sol, with 38 per cent, the remaining top six positions being the Costa Almería (31 per cent), the Costa Cálida (18 per cent), Valencia (17 per cent) and the Costa Brava (14 per cent).

– More than half of buyers plan to spend less than £175,000 on their property. Looking closer at individual price brackets, nine per cent don’t plan to spend more than £50,000, 35 per cent have up to £100,000 to spend, 28 per cent up to £175,000, 20 per cent up to £250,000 and six per cent up to £500,000. One per cent have a budget of more than £500,000.

– The type of property most desired by today’s buyers is a villa, with 35 per cent of all votes. An apartment is the second most popular with 24 per cent, followed by a townhouse (18 per cent), a farmhouse (14 per cent), and then a holiday complex property and park home.

– More than half of buyers will use the proceeds from the sale of another property when purchasing in Spain: 36 per cent haven’t yet put their first property on the market, 10 per cent have it on the market and nine per cent have already sold.

Meanwhile, 45 per cent of respondents say they’ll use savings to fund their Spanish purchase, 15 per cent plan to get a mortgage, 14 per cent plan to use their pension pot or other investments and five per cent from equity release.

– Worryingly, more than a third of buyers are likely to lose money when they transfer euros to buy in Spain.

Here’s why: 34 per cent of respondents admit to not understanding enough about how currency risk could affect them, while 39 per cent say they will use their bank to transfer euros to Spain.

Using FCA-authorised currency specialist Smart Currency Exchange would eliminate currency risk and deliver you a better exchange rate than a high street bank.

– Most people are buying in Spain to have a holiday home (41 per cent) or to retire there (47 per cent). Of the remainder, six per cent are buying for investment, two per cent for relocation and other reasons.

– Most buyers are between 50 and 69 years of age, with the 50-59 bracket accounting for 43 per cent of the total and 60-69 for 35 per cent. Of the remainder, 40-49-year-olds account for 12 per cent.

Meanwhile, more than half (67 per cent) of buyers are still working, including 48 per cent employed and 19 per cent self-employed, while 28 per cent are already retired.