Most Brits want an overseas property

Wednesday, 5 July 2006 12:00 AM

More than two thirds of Brits would like to up sticks and buy an overseas property, new research shows.

Unswayed by the recent good weather at home, Britons still want to move abroad in search of a better climate and lifestyle.

So important are these two factors that they rated above making an effective investment or profit when buying an overseas property, according to a survey by currency firm HFIX.

A quarter of a million Britons currently own an overseas property, but a further 29 million would like to buy one and as many as 11 million could actually own one within the next five years.

"There has been a shift from a second home being regarded as a luxury to it being something attainable by most people," said Mark Bodega, marketing director of HFIX.

"In 1995, the average price paid for a second home overseas was 65 per cent of the average UK property price. By 2005 it had fallen to 37 per cent reflecting in part steeper house price inflation in the UK, but also the fact that second homes had become more of a mass market aspiration."

Spain remains the top get away destination. The combination of sunny weather and a relaxed lifestyle makes it the favourite destination for 46 per cent of prospective buyers.

Despite their distance from the UK, Australia, Canada and New Zealand are also increasing in popularity.

Nearly half of prospective overseas property buyers are looking for a villa by the sea (49 per cent), followed by a house in the countryside (19 per cent). Only five per cent of buyers would consider an apartment in a city, tying in with the desire to escape the busy life in the UK.

Mr Bodega added: "The impact of growing prosperity, cheaper flights and the low cost of borrowing - even lower in the eurozone than in the UK - mean the trend for buying property abroad is expected to accelerate."

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