Downturn prompts Britons to invest in overseas property

Posted under General by Jermaine

Disappointed with the downturn in the UK property market Britons are seriously considering investment in property overseas.

The Cater Allen Private Bank’s research revealed that more than 3 million people in the UK were likely to purchase overseas property in the next 2 years. 42% of respondents were interested in making a purchase for investment rather than for better lifestyle. 17% of respondents from the group were aged 45 years, while 10% aged between 18 and 34.

In the younger age group, 60% showed an interest in buying overseas property solely for investment. Countries such as France, Spain and even Bulgarian property were proving popular.

It was revealing to note that 2.3m Britons already owned property overseas and 500,000 homes were purchased purely as investments. The percentage of overseas property buyers was highest amongst Londoners, with 10% of its residents owning property abroad.

The survey findings also revealed that majority of British home owners were visiting their property twice or thrice in a year, while Londoners avoided making more trips and made number of trips much below the overall average.

The buyers of overseas property were being advised by Cater Allen’s marketing manager, Sally Watts, to deal through a bank which did not charge penalties to investors for operating their finances in two different countries.