Residential Lettings & Property Management
Yet more Brits excited by overseas propertyPublished on: 14/12/2007 While thousands of Brits have already invested in overseas property, it seems there’s still many more after their own place in sun, writes Kate Baddeley. Fed up of the UK climate and lifestyle, 68 per cent of Brits would like to buy overseas property, according to the latest independent research from currency experts HIFX. However, while many of these investors are looking for capital growth from overseas property, the research highlighted that Brits rate overseas weather and lifestyles above effective investment or making a profit on their properties abroad. Other factors driving Brits away include a longing to escape their stressful UK lifestyle of long working hours and high taxes (50 per cent) and what's more, over a quarter (27 per cent) would like to eventually emigrate and live abroad. Spain is still top of the list for get away destinations with 46 per cent of prospective buyers aiming to buy there, although, far flung destinations such as Australia, Canada and New Zealand are increasing in popularity. With regards to what type of property Brits are buying, top of the wish list for many is a villa by the sea (49 per cent), followed by a house in the countryside (19 per cent). The number of Britons owning second homes abroad now stands at 257,000, according to ONS Government figures, but HIFX's research shows that a further 29 million Brits would like to buy an overseas property and 11 million could actually own one within the next five years. Mark Bodega, marketing director of HIFX comments: "There has been a shift from a second home being regarded as a luxury to it being something attainable by most people." But many investors are looking for significant rental yield from overseas property, so which countries have the best potential? The 'World Cup Effect' has resulted in Germany becoming the top performing destination for holiday home rentals in the first half of 2006, according to data from UK rent-by-owner website, Holiday-Rentals.co. Source: http://www.worldofproperty.co.uk/ |
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