Half a million Britons have “homes in the sun”
More than half a million British people have now bought a second property abroad, according to a survey by Mintel.
According to the Daily Telegraph, reporting the survey, Spain is the most popular country with 41 per cent of properties bought by UK investors.
France was second, with 32 per cent, while other European countries represented 10 per cent, the US six per cent, and the rest of the world 13 per cent.
Some 84,000 Britons bought homes in Spain between 2001 and 2003. Those who purchased property in Spain said they were attracted by the climate, the cheaper cost of living, and the ability to spend a greater part of the year outdoors.
Jack Hamilton, of Parador Properties, which commissioned the research, is quoted as saying: “Owning a property abroad is no longer only for the well-off. It is an achievable goal for many people. With house prices in Britain going through the roof, we all have more money in our pockets to spend on luxuries and investment purchases.”
By way of contrast, the Telegraph also reports that life in Britain cannot be all that bad – it is now the most popular country for French people living overseas. The newspaper reports that there are now 300,000 French people living in Britain, with particularly high numbers in London, Manchester and Kent.
Report by Tim Gillett, News From Abroad Ltd
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