Investors not deterred by credit crunch

Consumers in the UK are continuing to show interest in buying property abroad, despite the ongoing economic problems across the world.

ShelterOffshore.com said the recent slowdown in the global economy has led to many people's finances being stretched.

However, it said that while consumers are spending frugally and saving less money, many are still keen to make a foreign investment.

According to the online portal, Britons have an "insatiable desire" to own a house in a sunny location.

The website commented: "Phrases like 'credit crunch' and 'global financial crisis' are having little effect on us resilient Brits."

This comes after property investors from the UK were advised to look buying overseas if they wish to collect good returns.

Homes Worldwide recommended that Britons avoid the domestic market as mortgage rates are rising while house prices are falling.

By contrast, many other countries offer good capital growth potential and relatively cheap property prices.