France and Spain are still the top choice for Brits looking to buy overseas property, despite the ongoing sovereign debt crisis, according to the Property Hotspots Report from HiFX.

France is top of the list with over a third of buyers (35%) looking to purchase there, whilst Spain is in second place at 16%.

Mark Bodega, Director at HiFX, said: "France remains a ‘safe bet for Brits. It goes without saying that the sun and lifestyle are a big pull, but buyers are now also able to get better value for their money and take advantage of the weakening euro.

"Spain continues to attract Brits who are hoping to take advantage of depressed property prices. The average residential property price in the country is down almost 30% since the market peaked in 2007, yet while there are discounts to be had, buyers do need to pick carefully.

“The macroeconomic outlook remains poor, and because of this, we are unlikely to see any further stabilisation in the current housing market. Buyers should remember that Spain is in a precarious position, not so much due to the weight of her sovereign debt compared to GDP, but due to the high levels of private debt and an extremely weak housing market.”

The report also revealed that 25% of Brits believe it is cheaper to own / run a property abroad than in the UK.