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Foreign homeownership on the up

26/10/2007

Almost two-thirds of Britons looking to buy overseas property are planning to leave the UK permanently, research claims.

A new survey says that 64 per cent of people want to make their second home their first.

According to NatWest, which sponsored today's study, 250,000 UK residents now own a foreign property.

And one-third of the 2,606 respondents quizzed by YouGov said that they wanted to buy a home overseas.

The bank says that 25 per cent of British travellers return from their travels wanting to buy a home overseas specifically to avoid the stress of going on holiday.

"Holidays should be fun and relaxing but sadly this isn't always the case," said Mike Freer, head of business development at NatWest international personal banking.

"The hassle and expense of arranging holidays can be hugely traumatic - from deciding where to go and remembering to pack everything but the kitchen sink, yet keeping under the new airline luggage weight restrictions."

Mr Freer continued: "Buying a holiday home abroad is increasingly becoming the norm for British families.

"Spain continues to top the tables as the most popular overseas hotspot.

"While the upfront purchase cost is a huge financial commitment, the long term benefits of holiday homes can be fantastic as they provide great investment potential, a wonderful lifestyle and a permanent escape from the hassle and expense of holiday arrangements. A holiday home can literally pay for itself."