Second homes 'proving popular'

More people could look to make an international payment to purchase a second home because the number of people renting out holiday homes is on the increase, it has been reported.

Statistics from Domegos.co.uk indicate a 157 per cent increase on holiday rental homes entering the UK market and the growth is likely being replicated overseas, as more holidaymakers look to stay in cheaper accommodation rather than hotels during the recession.

As a result, making an international money transfer to a European destination to purchase a second home could prove a valuable investment during the economic downturn by renting it out to holidaymakers.

Dennis Klett, co-founder and director of Domegos.co.uk, said: "We see more and more people starting to rent out their property who didn't rent out their property previously."

A growing number of people in the UK and abroad are choosing to stay in their own country this year rather than take an expensive flight to a foreign land.

Recent figures released by Travelodge found the number of Brits going abroad has fallen to 27 per cent in 2009.

By Paul Jarvis