Overseas brits ‘chasing the dream’

Brits are buying abroad in record numbers these days, according to the DCLG…

According to a new study, the number of English people buying a property abroad has risen by more than 60% from 129,000 in 200/2001 to 211,000 last year.

Some 60% of these buyers are aged between 45-64 and interestingly only 38% of people in this age group own a property in England. This is consistent with the fact that 54% of second home owners say their main motivation for buying was to own a holiday or retirement home.

Richard Brady, Director at Olive Tree International, commented: “Whilst such surveys are useful in terms of buyer trends, age groups, funding patterns etc figures do vary tremendously”.

For instance the Office of National Statistics claimed in 2005 that it was 257,000, a study by Grant Thornton and Lombard Research said in 2006 that it was 300,000, Mintel said 800,000 in 2006 whilst a poll by ICM for Barclays claimed overseas ownership was 2 million in 2005.

What the figures do show however is the continuing and escalating interest in buying abroad and not just in established countries such as Spain and Italy but also in new areas such as Bulgaria, Cape Verde and Bahrain which have also proved very popular in recent years.”

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