Interview with Amanda Lamb

A Place in the Sun Presenter talks to BuyAssociation.co.uk

With summer approaching and thoughts turning towards holidays in the sun, BuyAssociation.co.uk Property Editor Paul Collins catches up with TV presenter Amanda Lamb ahead of the A Place in the Sun Live! Exhibition, in association with Moneycorp, at the ExCeL centre in London to find out what she sees in the future of the overseas property markets through 2008 and where she would buy if money were no object.

Property passion

Amanda Lamb is busy. When I caught up with her she had been in meetings all day, was getting ready to go to the British Book Awards in the evening and was simultaneously preparing to go on holiday the following day ahead of the latest A Place in the Sun Live! exhibition in London. It is easy to forget that she is also getting ready to film another new series of her Channel 4 programme, one of the most popular property TV shows in the country.

Surely this puts her in the best position to see where the most exciting new places to buy a property overseas are? “It is a little difficult to recommend places for buying property overseas at the moment,” says Amanda, “With the uncertainty in the UK property markets people are looking at the decisions they make with any money they have saved up. The first thing to decide is really what you want a property overseas for, and then start making decisions from there. For holiday homes, there are some great bargains to be had on the Spanish Costas and in the US, as agents are starting to find business a little harder there. Otherwise, there is also plenty still to be found in some of the Eastern European countries like Bulgaria, Romania, Montenegro and even Serbia. Above all, remember that you get what you pay for – if something looks too good to be true, it usually is.”

Amanda has herself bought an apartment in Italy, after years of taking other people around their dream homes overseas. “It’s an apartment in Puglia, in the ‘heel’ of Italy, but it needs complete renovation.” She says, sounding already excited at the idea of finally getting into her newly-refurbished pad. “I wanted somewhere to come away for weekends with friends and family, but there was an element of investment in my mind as well, as this part of Italy has traditionally been seen as the poorer relation of the north and it is now beginning to develop and grow.”

At least she does practice what she preaches on her show: “In fact, I could have been in the place something like six months ago if I hadn’t insisted on everything being perfect, legal and thoroughly double-checked.”

UK market driving buyers overseas

Coming back to the issue of the current state of the housing market in the UK, Amanda thinks that this is the perfect time to be looking for a property overseas. “I think in lots of ways more people are considering buying overseas now than before – we keep hearing about BARBies (Buy Abroad, Rent in Britain), and the 250,000 people who are leaving the country every year for good. Now they are being joined by first time buyers who are finding it impossible to get on the housing ladder at all in the UK.”

Another market that has had its fair share of problems over the past 12 months is Spain, but Amanda doesn’t see the popularity of the Costas waning in the near future. “I think Spain will always be the number one for UK buyers – it’s close, it’s familiar and we love to go there on holiday. People just need to rethink their strategy as there are still some great places to buy, but things are different now – you can’t go out and buy an apartment off-plan and expect to sell it on before completion for a huge profit.”

Does this mean that buying property overseas for investment, say to finance retirement plans, is a bad idea? Amanda still sees value in this as a strategy for the future, but there are some provisos. “The problems tend to come when people are convinced that they can make a profit quickly, and then realize that they won’t be able to double their money in the space of six months. But, if people research well and are prepared for this to be a long-term investment, it can be a good way of planning for retirement.”

She has also noted a difference in the why people are buying in recent months. “There seems to be a swing back towards people buying holiday homes over investment properties – perhaps because people are being less bold with their investments in the current economic climate.”

Emerging markets and dream destinations

Some of the ‘emerging markets in the overseas property world have recently seen suggestions that they are cooling off, and that some buyers are finding it difficult to sell and rent their properties out. Amanda sees the key to this in the research buyers need to do ahead of putting pen to paper. “I always try to look at the relationship between supply and demand of property in any new market – who will be buying your property and others like it? If there is too much supply and huge building is going on, and then demand drops off, there will be problems. The biggest question that people need to ask themselves is ‘why do I want to buy a property overseas?’ The answer to this will point them in the directions they need to take.

Some would think it surprising that Amanda talks about different regions in the more established markets when asked where investors might want to look for good deals at the moment. “I think southern Italy has a lot to offer, as it has been overlooked by property buyers for years. Also, property in the northern regions of Spain offers good value at the moment, in places like Asturias and Galicia. France is still doing well for British buyers, and I think you could do a lot worse as an investment if you take time to find the best properties.”

Looking back and forward

Having finally bought her own overseas haven in the south if Italy, I wondered whether Amanda has looked back on any of the properties she saw years ago and wished she had bought earlier. “To be honest, since we started making the programme there have only been about ten properties that I have fallen in love with, but I’m happy to have waited and got a place that really is exactly what I was looking for.”

When it comes to the place Amanda would buy if money was no object, there is barely a beat of hesitation. “Western Australia, in a place called Margaret River. It is one of my favourite places in the world, and we are going to be going there to record one of the shows for the new series, so I can’t wait.”

As for the guests on the show, hopefully none of them in the new series will be like one couple Amanda met some years ago. “Their main concern was that they wanted somewhere with a big garden, and everywhere we showed them was too small. When I was convinced that we had found a property with enough land, they said they wanted at least an acre. In the end, the property they bought was an apartment with no land whatsoever, and only a postage-stamp of a balcony!”