UK buyers look overseas

The number of UK residents buying property overseas is due to rise this autumn, according to research by foreign exchange company Moneycorp.

They found the number of people buying abroad rises by as much as 26% in the autumn months, and Moneycorp says an increase of these proportions will push the number of British households who own a second home from 550,000 to 800,000 this year.

Moneycorp spokesman Nick Bull says: ‘Our figures show that the number of people buying abroad has a significant peak in the early autumn as many people use their summer holiday to hunt for their ideal second home. Interest in buying abroad can quickly strengthen after a few weeks back in Britain as the days shorten and the weather takes a turn for the worse.’

The research also found that Brits are also looking further afield than has been traditional: it seems that while Spain and France remain the top two choices, purchases in the US, Thailand and Bulgaria showed the greatest increase last autumn.

Mr Bull added: ‘With Sterling still strong against the US dollar, we may see this trend continue, and even grow, as Brits snap up properties in the US and other countries such as Dubai, whose currencies follow the movements of the US dollar.’