More investors renting out overseas homes to survive downturn - 6th October 2008
Many overseas property owners who previously kept their homes for private use are now renting them out to holiday makers.
According to travel portal DirectHolidayBookings.co.uk, this is partly due to them taking advantage of an extra source of income during the credit crunch, but also because many of them are spending less time abroad due to rising flight prices and fewer low-cost routes.
International rental portal Holidaylettings.co.uk says that it has noticed this trend and, according to its latest figures, a quarter of the properties advertised by agencies since the beginning of this year have been new business – a 33% increase on the same time period in 2007.
Simon Conn, Sales & Marketing Director at Conti Financial Services Ltd, says:
“This is a wise move. Due to the current economic pinch, many investors simply cannot afford to visit their overseas properties as much. Renting their homes out to holiday makers will provide a valuable new source of earnings, and may offer an alternative option to some who are feeling tempted to sell up altogether.
“It’s also important to remember that in some countries, if you’re remortgaging a property, a percentage of the rental income received can be taken into account by the lender when calculating how much they’re willing to lend.”
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