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24 September 2008

Three million Britons look to overseas property investment

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by Gill Montia

Three million Britons look to overseas property investment

The downturn in the UK housing market is prompting Britons to consider investing in property overseas.

Research from Cater Allen Private Bank suggests that over three million people are likely to buy a property overseas within the next two years.

Forty-two per cent of respondents who expect to take the plunge said they would make a purchase primarily as an investment rather than to enhance lifestyle; 17% of this group are over 45, while 10% fall into the age range 18 to 34.

In the younger age group, 60% said they would be looking to buy purely as an investment.

Around 2.3 million Britons already own a property abroad, with up to 500,000 overseas homes regarded solely as investments.

The proportion of overseas property ownership is at its highest amongst Londoners, with 10% of residents in the capital doing so.

However, while the majority of Britons who own a home abroad visit the property between two and three times a year, Londoners make a below average number of trips.

Cater Allen marketing manager, Sally Watts, advises anyone buying a property abroad to find a bank that will not apply penalties to account holders operating their finances in two countries.


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