More Britons are taking up short-term loans to buy property in Spain, reports Homes Worldwide.

Short-term loan specialists Bridging Finance says it has seen an increase in applications for loans to buy overseas homes, with Spain being the most popular option.

Chris Baguley, managing director of Bridging Finance, attributed the rise to Britain's bad weather and poor economic situation.

He said: "A short-term loan allows buyers to secure the foreign home they want and gives them breathing space to arrange an appropriate mortgage."

Three million Britons plan to purchase homes abroad while 2.3 million have already taken the plunge, according to a recent survey by Cater Allen Private Bank.

Shelter Offshore, the travel and property website, has said that despite the current economic climate, people are still keen to invest abroad.

It commented that people were always enthusiastic to invest abroad, adding that tough times and bad weather made the dream of an overseas escape more enticing, reports ready2invest.co.uk.