- figures show that we now spend £6bn on second homes, compared to £2bn in 2002
-HIFX says the popularity of buying abroad is driving this spending trend
The UK is now spending £6bn a year compared to just £2bn a year in 2002. This figure includes holiday homes abroad as well as buy-to-let properties in the UK and reflects the growing appeal of owning more than one home. In fact spending on buying a second home has leapt from £1.50 a week in 2002 to £4.80 a week in 2004-5 for each of Britain’s 24 million households.
HIFX, currency specialists who assist 12% of all Brits buying overseas homes, has noticed strong demand and investment in more adventurous locations:
Alex Wright, Director of HIFX, commented: “Spain and France are still the most popular destinations for Brits buying abroad but we have seen increased interest for investment property in Bulgaria and Dubai; even Canada and Switzerland have seen their fortunes rise and new locations pop up all the time: Egypt, Brazil and central Europe (Poland, Hungary and the Czech Republic).”
Wright continues, “The UK housing market has been relatively flat over the past year so investors have been looking to make a profit on a holiday home or buy-to-let overseas. It could get even busier with SIPPs covering overseas property from April 2006. There is so much activity that December sees the launch of a specific Overseas Property Industry trade show (OPP Live) at Alexandra Palace on 8th & 9th.”
