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News: Brits in overseas frenzy

Mon, 10 Sep 07

The number of Britons owning a house abroad could rise to record levels this year, reports Ananova...

Foreign exchange firm Moneycorp has predicted a surge in overseas property purchases in the autumn.This is because more and more Britons are returning from their summer holiday having found their dream home in the sun.

Between 2004 and 2006, the number of people owning a second home overseas increased from 550,000 to 800,000, Moneycorp said. Another rise is expected this autumn which could push the number of Brits owning abroad up to a record high.

Significant peak

Spokesman Nick Bull said: "Our figures show that the number of people buying abroad has a significant peak in the early autumn as many people use their summer holidays to hunt for their ideal second home.

"Interest in buying abroad can quickly strengthen after a few weeks back in Britain as the days shorten and the weather takes a turn for the worse."

"Seasonal activity has been a feature of the booming overseas property market over the last few years. First-time buyers are also increasingly looking to purchase homes in other countries as they give up on the idea of buying in the UK".

A recent study by National Savings & Investments found that 84% of 18 to 24-year-olds believe buying abroad is a more realistic option than buying at home.

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