Brits still keen on a home abroad
THE popularity of a place in the sun amongst the British looks set to increase according to a recent survey from Barclays.
The UK-based bank claims the number of people owning a home in a foreign country will double to around 4.4 million.
Five percent of those surveyed already own a home abroad (the equivalent of 2.2 million people in the UK) and a further five percent said that they are definitely going to buy a property overseas in the future.
The most popular country amongst Britons for buying abroad is still Spain with 30 per cent of people saying they would look to head there.
France was the third most popular destination, just behind the US, with 14 per cent of people saying they would like to head across the Channel.
But there is still a certain amount of worry and distress in buying a property in another country that causes many people to think again about a purchase.
Nearly 60 per cent of people were worried about getting caught out by local legal or tax issues, with 14 per cent feeling a lack of language skills could hold them back.
And there were also fears about the security of a property, especially if it is being left unoccupied for any length of time.
Suzanne Clay, of Barclays, said: “The trend towards owning property abroad shows no sign of abating and could go through the roof if people were more confident of a hassle-free purchase.”