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News: Property abroad beguiling Brits

Thu, 17 May 07

Almost 50% of the population long to buy property abroad, according to new research...

According to reports from Bank of Scotland International, 42 per cent of Brits would consider buying a property in a foreign country, suggesting that many investors are realising the benefits of putting money into markets with cheaper properties than at home.

Australia was found to be the most popular destination for Brits interested in buying abroad, followed by New Zealand, America and Canada respectively. France and Spain were the most popular European destinations, in keeping with historic trends.

Tony Wilcox, managing director at Bank of Scotland International warns that there are financial ramifications that Brits moving abroad need to be aware of.

"If you are planning to leave the UK to live temporarily or permanently overseas, you need the right products and services in place, so that you have a firm foundation for your finances, no matter where you are," he said.

"When moving abroad there are many aspects of life which British expatriates have to adjust to and personal finance is no exception."

Fidelity International has predicted an increase in property investment holdings with Reits making it easier for smaller investors to invest in bricks and mortar.

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