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Thousands of Britons now own a place in the sun thanks largely to the booming domestic property market, a report out today says. Around 800,000 British households have a second home abroad - up 45% on June 2004, according to research analysts Mintel.
The trend is set to continue, with another 3% of British households intending to buy a second property abroad some time in the future. A further 5% are planning to sell up altogether and move overseas, Mintel's Market for Homes and Properties Abroad report says.
Sunnier weather is the main reason why Britons yearn for a property abroad, with 51% of nearly 2,000 people questioned naming this the number one factor. Mintel senior finance analyst Paul Davies said the idea of owning a second home abroad was an "achievable ambition" for a growing proportion of the population. "The UK property boom has increased levels of housing equity and has given many people the opportunity to purchase their dream home in the sun," he said. |