Holiday home purchases 'rose during economic downturn'

New research has revealed that Brits are still making international money transfers and purchasing property abroad, despite the economic downturn.

A survey conducted by Savills and lettings website homeandaway.co.uk found that buying overseas actually increased in recent years, the Daily Telegraph reports.

Some 385,000 Brits owned a holiday home in 2006, with this figure rising to a record high of 430,000 in 2010.

Savills' Rebecca Gill, who is the author of the report, said: "It's even more surprising because some previous owners will have sold in the interim. The net increase means there has been a sizeable number of Britons buying abroad since 2006."

It was also revealed that France is the most popular place for UK residents to purchase a property, while the US, Portugal, Turkey and Italy all noted increases in interest.

However, Spain went the opposite way and has experienced a 50 per cent reduction in Brits owning homes in the nation following its property market crash.

The Caribbean, Switzerland, Greece and Cyprus were also listed in the top ten countries to buy a holiday home.

Data was collected from 1,700 Brits who own abodes overseas, as well as 1,000 tourists who rent places outside of the UK.

France is said to have remained the favourite destination due to there being so much choice and the country is easily accessible.

It seems the ability to drive to the nation is one of the most appealing aspects as 50 per cent of those who own property in France travel there by car rather than fly.

Those keen to purchase somewhere in the Caribbean may want to take agents and media manager for Propertyshowrooms.com Terry Hobbs' advice and look for an abode on the island of Grenada

Posted by Sarah Pitton

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