Spanish property and the Ides of March

Crikey, it’s got to be serious for the jet-setting McBroon when George Sorus, the financial guru who made a billion dollars from betting against the pound in 1992’s Black Monday, says Britain may have to go cap in hand for an IMF bail-out.

Mr Soros said that Gordon Brown might have to go begging for billions of pounds in international aid after an auction of UK government bonds issue failed for the first time in 14 years, ringing alarm bells about Britain’s ability to fund its growing debts. The Governor of the Bank of England had issued a similar warning earlier.

This follows doubts about the recovery of the UK property market and planned demonstrations during the G20 Summit in London. Beware the Ides of March, the future is looking bleak as a result of the economy mismanagement.

Over 50s and pensioners are the most at risk from a prolonged recession and many are considering their futures in foreign climes such as Spain. Inquiries in February reached 300,000 for Spanish property alone – 20 percent higher month on month than last year. The living in Spain package is now sun, sand, sangria and fiscal security.

There has never been a better time to buy a property in Spain, with a rising number of distressed sales and Spanish bank repossessions. Spain is selling 100s of properties a day to Russians and north Europeans who have seen the writing on the wall so far as their national economies are concerned. Many Brits have been holding back, hoping for further price drops.

They won’t get better than the half price bargains available right now, some with generous mortgages.