British slowdown prompts investors to look overseas
British slowdown prompts investors to look overseas
As the British housing market slows more people are being tempted by the prospect of overseas investment, one expert claims.
Paul Collins, property editor at BuyAssociation, explained that those with money to invest are increasingly drawn to property in other countries.
"As the property market in the UK continues to go through a correction, people start to look to overseas for better opportunities to make some money with the equity that they've got," he said.
However, he also warned that the credit crunch will have some impact on the overseas housing market, if only because of decreased consumer confidence.
Despite this, owning a holiday home will remain an aspiration for many people and this should mean that overseas property investment remains popular, he concluded.
Recent research by Exchange Bond found that British and Irish residents own around 3.8 million overseas properties.
It predicted that this figure could rise by between eight and ten per cent in 2008.
This article was brought to you by holidaylettings.co.uk, the UK's No.1 holiday home website.
9 May 2008
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