Rain driving Britons abroad
08 October 2007
This year's wet summer in the UK is set to trigger a boom in the overseas property market, according to a new study.
Research by Yorkshire Bank found that 43 per cent of Britons were thinking of purchasing property in another country in order to enjoy sunnier weather.
The lure of a warmer climate was found to be one of the main considerations for potential expats, as 66 per cent of respondents cited this as an issue.
Meanwhile, 55 per cent said they were attracted by the prospect of enjoying a more relaxed way of life.
Yorkshire Bank added that Spain was the most popular destination for British buyers, especially in areas such as the Costa Blanca and Costa del Sol.
Steve Reid, director of retail banking at the firm, said that although buying foreign property could be a potentially challenging process, many thought it was a worthwhile investment.
He commented: "Despite this, Brits are still convinced that owning property in Spain is a financial decision worth pursuing."
According to e-Travel Blackboard, the country is also one of the most popular holiday destinations in the world, with more than 58 million people visiting it last year.