The latest research from MINTEL finds around 800,000 British households (three per cent) now enjoy the benefits of owning a second residence abroad. Over the last two years the number of overseas property owners has increased by a staggering 45 per cent, with 250,000 more households now owning an overseas property than in June 2004.
A further three per cent of households intend to buy a second property overseas in the future and five per cent intend to sell up in the UK and move abroad. This suggests that potentially the dream of owning a property abroad could be a reality for a further two million households.
‘With home ownership in the UK booming it is fitting that British citizens are now looking to export their undoubted passion for housing. Indeed, the last few years have seen a significant increase in the level of interest shown in the overseas property market, as the concept of owning a second residence abroad has become an achievable ambition for an increasing proportion of the population,’ comments Paul Davies, senior finance analyst at MINTEL.
Among those who own, would like to own or have use of a property abroad, Spain proves the most popular destination, with as many as two in five (43 per cent) choosing Spain as a preferred location for a property abroad. The next most popular destination is France, attracting 26 per cent of people, followed by Australia (22 per cent), Italy (21 per cent) and the US (17 per cent). By contrast, only one in 15 (7 per cent) chose Eastern Europe as a preferred location.
‘The research does suggest that the British property buying public still largely need to be convinced about the appeal of newly accessible Eastern European countries,’ comments Davies.