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Second home buyers look across the Channel

Monday, 26 September 2011 12:00 AM

France has taken over from Spain as the number one destination for Brit second home buyers, according to new research by Savills International.

The estate agent said a greater perception of stability, limited falls in house prices and ease of access have made it look a safe bet for UK buyers.

Its research also says that traditional prime property hotspots like areas of the south of France, the Algarve, Italy and high-end locations in Spanish islands like Mallorca have been more resilient to the market downturn.

In France, Italy and Switzerland, Brits tend to buy older, traditional-style properties. But in markets with big new-build development such as the USA and Cyprus, and also Spain and Portugal, they go for more modern homes.

More than half (55 per cent) said rental income from their second home covered part of their costs and almost a third of those said it completely covered the cost.

Rebecca Gill, research analyst at Savills International, said: “Clearly, holiday home owners and tourists share similar preferences for overseas properties. Strong underlying ‘lifestyle demand’ for a property helps to support an investment case. It is these fundamentals that drive longer term capital appreciation and attract rental income.”

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