Three million Brits looking to buy property abroad - 13th October 2008

In light of difficult market conditions here in the UK, it seems that Britons are increasingly looking to invest in property abroad. Research from Cater Allen Private Bank has found that over three million people are likely to buy a property overseas within the next two years, with 42 per cent of them looking to use the property primarily as an investment opportunity.

According to the research, 17 per cent of people aged over 45 years are likely to buy abroad over the next two years, making them the age group most likely to do so, while an aspiring one in ten of those aged 18 and 34 are also looking to buy overseas, of which most (some 60 per cent) are looking to buy purely as an investment.

The bank says there are already around 2.3 million Brits who own a property in a foreign country, with as many as 500,000 of these being used solely as an investment. On average, those who do visit their holiday homes do so about two or three times a year.

Simon Conn, Sales and Marketing Director at Conti Financial Service, says:
“As the UK housing market slows down, wealthier individuals are increasingly looking to buy overseas as they see this as a better investment opportunity. 

“But it’s not just the high net worth customers who are looking abroad. At Conti, we’re seeing more first time buyers opting to purchase property abroad after finding themselves priced out of UK the market. People are either choosing to commute to the UK from areas like Normandy, or are making sure they get a foot on the ladder in another country.

“And many people who were already considering a property purchase abroad for retirement or holiday purposes are continuing their search but at a lower price or in a cheaper location.”