3rd March 2006

GOVERNMENT REPORT SHOWS THAT NOW MORE THAN EVER BEFORE, BRITS CRAVE “A PLACE IN THE SUN”

  • British families have invested more that £23 billion in overseas property
  • Almost 80 per cent of this investment has been made in properties located in Europe
  • Between 2000 and 2004, the number of UK households that owned second homes abroad increased by 45 per cent to reach over a quarter of a million people
  • Spain is still the most popular destination accounting for 27 per cent of all second homes owned abroad, followed by France at 20 per cent

Channel 4’s A Place in the Sun magazine’s editor, Matt Havercroft – says –

“These figures come as no surprise.  There is an increasing amount of interest in buying property overseas and people are far more adventurous than ever before.  Couples, families, people coming up to retirement and even those who cannot get onto the property ladder in the UK are all viewing overseas property as an investment that they can enjoy.

“While many are buying in Europe in both the popular and emerging markets, there is an increasing amount of interest in long-haul destinations such as Egypt or Morocco. You only have to visit our exhibition ­ A Place in the Sun Live in association with Barclays taking place at London¹s ExCeL 7th -­ 9th April 2006 (www.aplaceinthesunlive.com) to see this trend taking place.  With property prices starting from as little as £20,000 the possibility of owning an overseas property has never been more accessible.”

The 2006 Social Trends reports, issued by the Office for National Statistics, shows that:

  • UK households have invested £23.2 billion in second homes abroad - almost 80 per cent of this investment has been made in properties located in Europe.
  • Ownership of second homes is still on the rise with 1.1 million people now owning a second home.  Of this figure, 23 per cent are buying abroad.
  • Between 2000 and 2004, the number of UK households that owned second homes abroad increased by 45 per cent to reach over a quarter of a million people.
  • Spain is still the most popular destination accounting for 27 per cent of all second homes owned abroad, followed by France at 20 per cent.

General travel trends reflect that:

  • The number of international terminal passengers at UK airports has grown from 43 million to a staggering 167 million since the 1980’s.
  • The Department for Transport has predicted that the number of international and domestic terminal passengers at UK airports will grow from 229 million to 401 million between now and 2020.
  • The increased availability and affordability of air travel has shown that people are travelling to short-haul destinations more often.
  • In 2004, holidays accounted for two thirds of the 62 million trips made abroad by UK residents - with 70 per cent of those travelling to EU destinations.
  • The statistics also show that Brits are making more trips abroad than our overseas counterparts are making to the UK.

Link to report (PDF)

Press contacts:
Gillian Green / Sue Lowry
Magellan PR
Tel:  020 8875 2850
Email:  gillian@magellan-pr.com / sue@magellan-pr.com