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British overseas property portfolio close to £60bn



Country:  France; Spain

6 August 2008

Around £58bn worth of overseas properties are now owned by Britons, up £5.2bn compared with this time last year, according to research conducted by Savills and Holiday-rentals.

The ‘Second Homes Abroad 2008’ found that there are currently 425,000 properties owned by UK citizens overseas, an increase of 35,000 properties year-on-year.

The research also shows that Spain and France remain the most popular countries for overseas homebuyers. Some 34% of UK foreign owned property is located in Spain, followed by France (23%), non-European (16%), other European (16%), USA (6%), Portugal (3%) and Italy (2%).

Half of the overseas second homeowners interviewed, as part of the research, revealed that owning a second home overseas was primarily a lifestyle decision, rather than an investment.

The number of overseas homes owned by Brits is not expected to radically increase over the next couple of years, due to the slowdown in the UK economy. However, Savills confirmed that strong demand still exists.
 
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