Holiday Home Invasion

THE number of Britons who own a second home abroad has soared nearly 50% since 2000, figures reveal. An all time record of nearly 260,000 people own a foreign property,usually in a cheaper and sunnier country.

The majority of buyers are in their late 40s or 50s and are planning to retire to their new home, or at least to use it for six months every year when they stop work. Until they reach retirement, they hope to rent out their property but still use it for holidays and the occasional weekend. Charles Weston Baker, head of international research at an estate agent, said: 'People have a much higher expectation of their quality of life, that is what drives the demand for buying overseas. 'When they retire, they do not want to sit by the fire wearing slippers.

People are active into their 80s and it is easier and cheaper to fly abroad than to catch the train to some places in Britain.' The figures are published today by the Office for National Statistics, which said: 'The increasing affordability and accessibility of foreign property markets has contributed to a rise in the number.' Spain is easily the most popular choice among Britons. Nearly 70,000, about one in four of the total number of second home owners, have a property in Spain.

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Spain Tops UK's Big Getaway

Spain has come out as the number one destination for UK buy-to-let investors during 2005, a new study has revealed.Figures released by the Office for National Statistics (ONS) have shown that the majority of UK people considering investing in property abroad are heading for the traditional favourite of Spain. Despite the emergence of many other vibrant property markets in recent years, in particular eastern European destinations such as Bulgaria, the figures reveal that most are keen to stick to the old favourite.
Many people recognise that Spain represents a solid investment, with property still in hot demand despite talk of a slowdown in the market and the country's overall economy. That has failed to dampen the spirits of many property investors, who realise that the country is still hugely popular with British tourists as well as those from other countries, meaning that there will always be a market to help property prices grow.
And the number of people who have come to realise this fact has jumped considerably in recent years.While the government's U turn on self invested personal pensions (Sipps) had led some to fear that 2006 would result in a downturn in investment in foreign property, rather than the earlier anticipated increase, the ONS study suggests that the market will remain buoyant regardless of the Sipps situation.This can be seen from the fact that 257,000 Britons now own a second home abroad, according to the ONS statistics, with spending on overseas investment jumping by 45 per cent in the last four years alone.
Over 23 billion GBP's was spent by Britons on foreign property investments last year, with Spain being the top destination.However, the Spanish pull is not the only area interesting UK investors, with France coming second on the list.
According to the figures, while 27 per cent of foreign investments went on properties in Spain, 20 per cent of those investing in the property sector abroad chose France.Overall, 75 per cent of all second homes owned by Britons are in England, highlighting the fact that the UK property market is still one of the strongest in Europe despite the slowdown over the last 12 months, with investors still seeing the UK market as having the potential to offer significant returns.That view is endorsed by recent studies which have suggested that the housing market is back on track, with buy to let lending increasing at one of the fastest rates since the turn of the year.
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