OVERSEAS PROPERTY OVERTAKES DOMESTIC SECOND HOME MARKET
Wednesday, 20 Feb 2008
English people who own a second home are more likely to own a property abroad than in the UK, according to new figures.
Country Life magazine cited government data showing that the number of people with a residence overseas went up to 248,000 last year.
This means that buying abroad is now more popular than purchasing a property in the UK, as only 241,000 have a second home in England.
The figure is even more significant when placed alongside the corresponding figures from ten years earlier.
During this period, the number of people with second homes in the UK has remained largely stagnant.
Meanwhile, the figure recorded for the overseas property market in 2007 is more than double the amount recorded a decade ago.
One possible reason for this could be the growth of aviation during the last ten years, as they have made less-established markets very easy to reach.
Furthermore, they have opened up new destinations to British consumers, such as eastern Europe and the Cape Verde islands.
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