Brits to the rescue?

England Spain
The English love for Spain continues

According to reports, the number of British people climbing on the Spanish property ladder has increased since the beginning of 2012.

Marketing manager at Taylor Wimpey de España, Marc Pritchard, said his company has seen a 100% increase in the volume of sales to British buyers in the first quarter of the year, compared to the same period in 2011.

Mr Pritchard noted that there has been rising numbers of British tourists visiting the country where, according to figures from the National Statistics Institute (INE), the number of overnight stays increased by 3.5% in January,  year-on-year.

Reports from other sources confirm this. Frontur published figures showing that 19.1% of all tourists visiting Spain at the start of this year were British.

“I really do think that the British love affair with Spain will be stronger than ever in 2012,” Mr Pritchard added.

Grim forecasts

This news comes on the same day that The Economist forecast the Spanish economy will contract by 1.4% this year and register zero growth in 2013. It also suggests that the unemployment rate will climb to 23.3%. Spain already has one of the worst unemployment rates in Europe and has introduced unpopular labour reforms to help to tackle the problem.

These estimates are however a little more optimistic than official forecasts from the Spanish Government, which anticipates a GDP contraction of 1.7% this year and a year-end unemployment rate of 24.3%.

Can the British interest save the country from collapse? I doubt it, but as a certain British supermarket says, every little helps!