Airline Competition Boosts Foreign Property Purchase

In line with popular opinion, new research by Grant Thornton continues to show a sharp increase in the amount of British purchasers of all ages and socio-economic groups buying property abroad.  Today, some 300,000 UK families are flying across borders to own or take holidays in overseas property.

Today’s foreign property owners represent over half a per cent of the entire population. According to Grant Thornton’s predictions, this figure will increase to two per cent by 2025. "Thousands of UK nationals have been attracted by the lure of a warm climate, a cheap cost of living and easy access to a second home overseas," said Mike Warburton, senior tax partner at Grant Thornton. A major factor in this trend is the increased availability of budget airline services to many new destinations, along with fiercely competitive prices between airlines. Many British citizens have become entirely comfortable about popping overseas to holiday homes or on package holidays, many of whom are shopping for tickets and accommodation online. Ease of purchase and low ticket prices are further indicators of the attraction of the global property market today. Simon McNamara, general manager for infrastructure and environment for European Regional Airline Association, representing the intra-European air transport industry in Europe, said: "When the concept of low-cost carriers first took off, which was really post-2001, they really started seeing big growth." This healthy competition between airlines is emerging as a key factor in the exodus of Brits. moving abroad – all good news for today’s worldwide property investors.