Brits ready to buy investment property abroad

photo credit: smudie

UK buyers could double their interest in overseas investment property due to the ongoing credit crunch, research shows.

The study by Cater Allen Private Bank discovered 2.3 million British people are already owners of homes abroad, with over three million also likely to buy a foreign property in the next two years.

High British property prices and a squeeze on mortgage lending means property investors are more likely to be looking overseas, according to Cater Allen.

Commenting on the findings, Steve Dawkins, managing director of Real Estate TV, said UK buyers were becoming “disillusioned” with their home market.

He said:

“Overseas bargains become more appealing at times like this and people are beginning to realise that there is investment potential out there, it just may not currently be on their doorstep.”

The channel also said the Cater Allen survey showed people living in London were the most likely to buy real estate abroad.

Of those considering a purchase in the next two years, people over 45 are the most likely to seal a deal.

According to the survey, around 25 per cent of those buying overseas are doing so for investment reasons but Cater Allen estimates this figure will almost double to 42 per cent in the next two years.

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