Holiday Home Invasion
February 22nd, 2006
THE number of Britons who own a second home abroad has soared nearly 50% since 2000, figures reveal.
An all time record of nearly 260,000 people own a foreign property,usually in a cheaper and sunnier country.
The majority of buyers are in their late 40s or 50s and are planning to retire to their new home, or at least to use it for six months every year when they stop work.
Until they reach retirement, they hope to rent out their property but still use it for holidays and the occasional weekend.
Charles Weston Baker, head of international research at estate agents Savills, said: ‘People have a much higher expectation of their quality of life, that is what drives the demand for buying overseas.
‘When they retire, they do not want to sit by the fire wearing slippers. People are active into their 80s and it is easier and cheaper to fly abroad than to catch the train to some places in Britain.’
The figures are published today by the Office for National Statistics, which said: ‘The increasing affordability and accessibility of foreign property markets has contributed to a rise in the number.’
Spain is easily the most popular choice among Britons. Nearly 70,000, about one in four of the total number of second home owners, have a property in Spain.
Story from thisismoney.co.uk
