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Overseas property 'eyed by Britons'

Article Date : Thursday, February 28, 2008       Bookmark on Facebook   Bookmark on Del   Bookmark on Digg   Bookmark on Facebook   Bookmark on Reddit   Bookmark on Spurl   Bookmark on Furl   Bookmark on Yahoo   Bookmark on Magnolia   Bookmark on StumbleUpon   Bookmark on BlinkList

Increasing numbers of Britons are eyeing up property investment opportunities abroad as they look to indulge in some cheaper, sunnier, stress-free living.

Research conducted by Foreign Currency Direct shows that ten million UK people are looking to buy a property in another country, such as Spain, in the next year and four million of these would like to live in their overseas home permanently.

Some 14 per cent of those looking to purchase abroad were first-time buyers, suggesting that high prices in the UK are encouraging them to look elsewhere.

In addition, 33 per cent of respondents said crime levels at home would prompt them to move abroad for good and 31 per cent said they would do so to escape the gloomy British weather.

"Buying property overseas is still an excellent investment and a great opportunity for a better quality of life," said Peter Ellis, chief executive of Foreign Currency Direct.

Meanwhile currency company Caxton FX says it has seen unprecedented demand from British clients looking to begin a new life down under and buy property in Australia and New Zealand.
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