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Brits snap up foreign homes

This autumn will see a surge in British residents buying overseas property, predicts Moneycorp.

It says the number of people buying second homes abroad rises by as much as 26 per cent after the summer holidays.

It estimates that around 800,000 British people owned overseas property in 2006, up from 550,000 in 2004.

Spokesman Nick Bull says: “Our figures show that the number of people buying abroad has a significant peak in the early autumn as many people use their summer holidays to hunt for their ideal second home. Interest in buying abroad can quickly strengthen after a few weeks back in Britain as the days shorten and the weather takes a turn for the worse.”

He says British buyers are looking further afield at property investment opportunities and while Spain and France remain the top two choices, purchases in the US, Thailand and Bulgaria showed the greatest increases last autumn.

Bull says: “With sterling still strong against the dollar, we may see this trend echoed this autumn, as Brits snap up properties in the US and other places such as Dubai whose currencies follow the movements of the dollar.”

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