The British are renowned for their penchant for purchasing investment properties outside of the British Isles, and a survey featured in The Telegraph stated that at present 430,000 properties overseas have British owners.
The most popular locations are France and Spain with a 25% share. An additional 25% are located throughout Europe. 75% of homes cost less than £300,000.
Of further interest, two-thirds of owners who let their property said 2009 bookings were considerably higher than those in 2008.
In 2009 when sales fell by 80%, having already fallen 22% in 2008. The desire to purchase in so-called ‘exotic’ locations, such as Cape Verde and Egypt, has fallen, however, standard favourites such as Spain and Portugal remain popular, with the US (notably Florida) and Italy close behind.
A further survey in Britain recently stated that, of those interviewed, four in ten are considering purchasing property overseas, primarily for the benefits of the weather. With purchases having fallen so significantly over the last few years, this could be good news for many markets.
As far is Australia is concerned, recent immigration figures suggest that Australia is also becoming less attractive for the British. Even though the UK accounted for the second largest number of immigrants to Australia in the year to June 2009, their numbers dropped seven per cent to 21,600 people for the year. The exchange rate between the pound and Australian dollar is a highly significant reason for this.