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Independent financial advisers and other specialists estimate that one in 10 UK homeowners will also have a second home abroad. The highest demand will be either from pensioners wanting winter sun or property investors.
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The report claims that 300,000 Britons currently have property overseas – up from 100,000 since 1995 – and almost a third less than the figures released this week from market report firm Mintel. This shows how difficult it is to come up with accurate figures.
Britain's booming property market is helping people to buy a home overseas. Since 1996, the average home value has jumped from £60,000 to £180,000. This means that many homeowners can borrow money for cheaper overseas property against the value of their UK home. |
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The last few years have seen a sharp rise in UK property values and a prolonged period of advantageous domestic and global interest rates which have allowed people to re mortgage and release funds for overseas property that, generally, costs much lower than in the UK.
“But extra care needs to be taken by prospective overseas buyers so that they fully understand the costs, processes and risks that they face before they commit to purchase.”
The boom in the overseas property market has been helped by low-cost airlines, which have made it cheap and easy to visit property abroad, especially in Europe.
The report also warns of the dangers of buying abroad without understanding the tax implications. |
