Friday, July 14, 2006

Home buyers put sun before profit

Two-thirds of Brits want to escape the UK and buy a home in the sun, a new survey has revealed.

Surprisingly, 62% rate overseas sun and lifestyle more important than effective investment or making a profit from their home abroad, the survey from currency experts HIFX shows.

Around 50% want an overseas property to escape long and stressful UK working hours and high taxes and more than a quarter are looking to emigrate.

The 2458 adults questioned by pollsters YOUGov are three times more concerned about escaping the UK’s bad weather than making long term profit.

Spain remains our top get away destination with 46% of prospective buyers aiming to buy there. However, far flung destinations such as Australia, Canada and New Zealand are also increasing in popularity and emerging destinations such as Bulgaria and Cape Verde are also making an impact.

Most want a villa by the sea (49%), followed by a house in the countryside (19%); just 5% of buyers would consider an apartment in a city.

Mark Bodega, marketing director of HIFX comments: “There has been a shift from a second home being regarded as a luxury to it being something attainable by most people.

“The impact of growing prosperity, cheaper flights and the low cost of borrowing – even lower in the Eurozone than in the UK – mean the trend for buying property abroad is expected to accelerate.”

Original source: New Skys

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