UK housing market downturn encourages foreign property investment

Published 14th Jun 2008

Foreign property investment is becoming increasingly popular as the cost of living in the UK soars, according to an industry specialist.

Property website the BuyAssociation has said that as the UK becomes even more expensive, more homeowners are looking to emigrate.

Paul Collins, property editor at BuyAssociation, said: "At the moment, when the economic situation in the UK is a little bit precarious, you will find people will emigrate a bit more because they often get more for their money overseas. It galvanises the decision for them."

Mr Collins said that the number of people with overseas property has been increasing over the last 20 years but "in the last five years it has grown a lot steeper".

A recent Quality of Life report by NatWest IPB, showed that in 2006, over 200,000 British citizens left the UK to live abroad and research shows this figure is set to soar.

Datamonitor estimate that the overseas property market, which in 2006 was worth £44.4 billion, will double in value between now and 2012.

Source: ' Overseas Property News '

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