Britons investing abroad undeterred by rising airfares

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by Gill Montia

New research by estate agent, Savills, and holiday let operator, Holiday-Rentals.co.uk, suggests that Britons who own property overseas are philosophical about recent rises in the cost of air travel.

Two-thirds of the 1,500 property owners surveyed said they were not questioning their decision to buy a second home abroad, despite steep rises in the cost of reaching the destinations.

Furthermore Savills’ director of research, Jacqui Daly, points out that the number of British second homeowners buying property in exotic locations, such as the Far East and the Caribbean is rising.

She believes that buying an overseas property, both for leisure and investment purposes, remains a key aspiration for many Britons, who are first and foremost attracted by the prices of property outside the UK.

According to the research, UK residents own around 425,000 overseas properties with a combined value of approximately £58 billion. Around 35,000 properties have been purchased in the past 12 months.

The analysis also found that the majority were motivated by the personal benefits of owning a second home abroad, with 67% of all purchases falling into the leisure, rather than the investment category.

Those buying specifically for investment purposes account for 17% of purchases.