Brits looking to invest in overseas property

Thursday, 17 May 2007 12:00

More than two Britons in five want to invest in an overseas property.

Figures from Bank of Scotland International show 42 per cent of UK residents like the idea of an overseas home or moving abroad.

Australia is the top choice for overseas property with ten per cent of the vote, closely followed by New Zealand at nine per cent.

Tied in third place with seven per cent of the vote were the US and Canada while France was the top European location – with six per cent of Britons wanting to buy there – followed by Spain at five per cent.

But there were also warnings for those looking to buy an investment property or move overseas.

“If you are planning to leave the UK to live temporarily or permanently overseas, you need the right products and services in place, so that you have a firm foundation for your finances, no matter where you are,” said Tony Wilcox, managing director at Bank of Scotland International.

“When moving abroad there are many aspects of life which British expatriates have to adjust to and personal finance is no exception.”

The largest proportion of those looking to move abroad or buy an investment property are based in the south-east, followed by the north-west and London.

Of those who already have an overseas property, more than a quarter are based in the south-east, with London, Yorkshire and the Humber, and the west Midlands the next most popular places.

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