Holiday homes still popular with lifestyle buyers

The credit crunch is not putting lifestyle buyers off purchasing an overseas property , an expert has stated.

According to Jacqui Daly of Savills, over-50s in particular appear to be very keen on the idea of spending time in a holiday home abroad.

Speaking to the Guardian, she said this is because many in this age group have plenty of equity and do not need to take out a mortgage.

"They're still heading for the sun," she commented.

"Lifestyle buyers just want to relax and don't worry about renting out or selling for a profit."

Indeed, Ms Daly has predicted that the recent changes in the economic climate could lead to lifestyle buyers dominating the overseas property market in the near future.

According to a study by Savills and Holiday-Rentals, people from the UK now own 425,000 foreign properties.

Estimates suggest that these are collectively worth in the region of £58 billion.

 

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