Credit crunch 'boosts overseas property'

The ongoing credit crisis is prompting some people to take the plunge and invest in a foreign property, an expert has said.

According to Paul Collins of the BuyAssociation website, foreign property ownership is becoming more and more popular in the UK.

This was partially attributed to economic issues such as the slowdown in the British housing market, as this has prompted some investors to seek potential opportunities overseas.

He added that the credit crunch is also having an effect, as many are losing confidence in the amount of money they have in their UK property.

Mr Collins commented: "When things start to show signs of taking a downturn it can actually steel people into making a decision."

This comes after Exchange Bond predicted that the number of foreign properties owned by British and Irish nationals will increase by at least eight per cent this year.

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