Send to a friend

News

Two per cent own overseas - 28 January 2008

A new survey for the Office of National Statistics (ONS) has suggested that two per cent of the adults in the UK own a property overseas, putting the number of owners at around 850,000. The survey for the ONS, called the Wealth and Assets survey, also found that around five per cent of the adult population owns a second home in total, including all of those who own a country holiday home or a flat in the city for work.

The research was compiled by Grant Thornton and Lombard Street, and predicts that the number of people who own a property overseas will potentially rise to two million by 2025. The survey revealed Spain, France and the USA as the most popular destinations for second home buyers.

The figures, as with all surveys of this kind, can be slightly misleading as they only include data about certain kinds of overseas buyers. For example, this research will not include data about those buying to emigrate permanently overseas, and may miss out those who buy multiple properties overseas for investment.

Residents of the south east of England were seen to be the most likely to have a second home, with seven per cent already owning more than one property, while the north east and the north west were found to be the places with the lowest percentage of people with more than one property. Just three per cent in either region has a second home.

 

Related Articles


Browse our articles written by leading industry experts:

Overseas Property Buying Guides

UK Property Guides

Gardens and Interiors

Cosmetic Surgery Fact Sheets

Looking Good Guides

Money

Business

Community

Travel