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Offshore property sales set to rise this autumn, says Moneycorp

Moneycorp is predicting a surge of UK residents buying overseas property in the coming months.

Research reveals that the number of people buying abroad rises by as much as 26 per cent in the autumn months and Moneycorp says an increase of these proportions will push the number of British households with an offshore property to record levels.

Moneycorp says between 2004 and 2006 the number of British people who owned a second home abroad soared from 550,000 to 800,000.

Moneycorp spokesperson 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, not that it has been great anyhow.”

Bull adds Brits are increasingly investigating property investment opportunities further afield with figures showing that while Spain and France remain the top two choices, purchases in the USA, Thailand and Bulgaria showed the greatest increase in autumn last year.

He says: “With Sterling still strong against the US dollar, we may see this trend echoed in the autumn 2007, as Brits snap up properties in the US and other countries such as Dubai, whose currencies follow the movements of the US dollar.”

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